I agree, the TMC/GDP is not conclusive at all. More indicative I guess. It would be interesting to work out the relationship it has to interest rates. Still the reversion back to about 75% in the previous 2 US contractions is worth considering.
I agree, the TMC/GDP is not conclusive at all. More indicative I guess. It would be interesting to work out the relationship it has to interest rates. Still the reversion back to about 75% in the previous 2 US contractions is worth considering.
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