3 notes
"We believe the U.S. is in the second stage of a three-stage recovery. The economy was first propped up by policy response – low interest rates and fiscal stimulus. Currently, we are moving from the dark to the sunny side of the inventory cycle. The final stage – job creation, private income creation and self-sustaining demand growth – has yet to materialize, due to headwinds of deleveraging and de-risking."
Paul McCulley
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