The world is emerging from a “low-everything” environment. The economic news has finally turned positive after a long slump in most indicators of economic oomph such as GDP growth, job creation, interest rates, home sales, manufacturing activity and inflation.
GDP growth in the U.S. has improved this year, as has the pace of job creation. Europe and Japan are doing slightly better on both fronts as well, though not nearly as well as the U.S. Short-term interest rates have risen slightly as the Federal Reserve is finally discussing raising its policy rates. Longer rates, however, remain constrained by low inflation—even though central bankers around the world are doing their best to boost inflation. Rates across the board will eventually rise as economic progress continues.
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