VTB Capital: Growth Concerns/app.box.com/s/to11bysjl4r6o4op1n97y2uv3yxnmkq8" href="https://app.box.com/s/to11bysjl4r6o4op1n97y2uv3yxnmkq8" rel="noindex nofollow" target="_blank">https://app.box.com/s/to11bysjl4r6o4op1n97y2uv3yxnmkq8
/www.markiteconomics.com/Survey/PressRelease.mvc/8ae9460470fc42aa85ed4b394308f420" href="https://www.markiteconomics.com/Survey/PressRelease.mvc/8ae9460470fc42aa85ed4b394308f420" rel="noindex nofollow" target="_blank">
global PMI stands at 53.7. It has to drop below the 50 level for recession concerns to intensify.
/www.federalreserve.gov/newsevents/speech/yellen20150924a.pdf" href="https://www.federalreserve.gov/newsevents/speech/yellen20150924a.pdf" rel="noindex nofollow" target="_blank">Janet Yellen’s speech on inflation dynamics last week was the fact that she believes that inflation is determined by an ‘Expectations-augmented Phillips Curve’. In her inflation model, there is no role for money supply growth. Readers who recall their economics education will remember the quantity of theory money and Milton Friedman’s adage that “inflation is always and everywhere a monetary phenomenon.” Yellen might be looking at the wrong inflation model.
/www.ft.com/cms/s/0/279f36fc-6370-11e5-9846-de406ccb37f2.html%23axzz3n1BYdTVB" href="https://www.ft.com/cms/s/0/279f36fc-6370-11e5-9846-de406ccb37f2.html%23axzz3n1BYdTVB" rel="noindex nofollow" target="_blank">Wolfgang Munchau writes in the FT today that Europe is juggling five simultaneous crises: the migrant crisis, Eurozone periphery debt, a global downturn, Russia and the VW scandal, which all limit Germany’s fiscal space. Problems indeed.