The Asymmetric Repo Man
An accommodative Fed, trade truce and improving global outlook, what's not to like?
The 3Q19 advanced estimate of real GDP confirmed that the negative business confidence shock associated with the trade war offset the boost to confidence attributable to the Tax Cuts & Jobs Act. Trend growth, stuck at a tepid 2% real and 4% nominal rate most of this cycle, accelerated to 3% and 5% in 2018 due to strong investment, has returned to 2% and…