Agree with one economist:-), and that is Thorburn:
"The FED's fight against deflation has a long way to go."
Notice total commercial bank assets %YoY vs CPI %YoY, it is well, well, within symmetrical target. Also notice that CPI consistently lags bank asset growth by 12-20 months. The Fed is going to have early warning before it sees CPI print risks.
In regards to corporates:
Lower borrowing costs & accompanying cap structure optimization & low effective tax rates explain the earnings growth in US of A.
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