Central Banks Cannot Really Taper In This Slowdown

zerohedge2021-08-25

Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy ...

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精彩评论

chonghow
2021-08-25
chonghow
Taper
- YIPKF:
  Expecting
cgtc78
2021-08-25
cgtc78
Wow.. looks like Mr. Jerome can make his decision as easy as you.
- ahleemama:
  my dog is called powell
kaiboon
2021-08-25
kaiboon
Like pls
Hodl
2021-08-25
Hodl
[Grin]
7134fa9a
2021-08-25
7134fa9a
Like please
- Timz:
  Like
Jaymand
2021-08-25
Jaymand
Like pls

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCentral Banks Cannot Really Taper In This Slowdown\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-25 17:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown","article_id":"1126078997","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1126078997","pubTimestamp":1629884958,"sourceInfo":null,"weMediaInfo":null,"summary":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"translate_title":"央行不可能在经济放缓中真正缩减规模","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.\nRetail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a pre-pandemic level.\nThe use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.\nThe total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.\nLet’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021. The United States would go into a severe recession if it were not “doping ” the economy.\nWe cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.\nThis is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.\nThe recovery of the euro area keeps some positive momentum simply because it is more delayed. The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.\nThese data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain low while, in the case of the euro area, negative. 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looks like Mr. Jerome can make his decision as easy as you.&nbsp;","listText":"Wow..&nbsp; looks like Mr. Jerome can make his decision as easy as you.&nbsp;","text":"Wow.. looks like Mr. Jerome can make his decision as easy as you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837297722","repostId":1126078997,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5645353,"gmtCreate":1629895158564,"gmtModify":1635142807169,"authorId":3585830139314556,"author":{"id":3585830139314556,"idStr":"3585830139314556","authorId":3585830139314556,"name":"ahleemama","avatar":"https://static.tigerbbs.com/9e5556ad29b085a364d6ea7d326015c1","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":837297722,"type":1,"supId":0,"prevId":0,"content":"my dog is called powell","text":"my dog is called powell","html":"my dog is called powell"}],"langContent":"EN"},{"id":837209251,"gmtCreate":1629889164673,"gmtModify":1631892069805,"author":{"id":"3574165011010503","authorId":"3574165011010503","name":"kaiboon","avatar":"https://static.tigerbbs.com/47210bc0bbca6cb9e977c2d4266b7274","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574165011010503","authorIdStr":"3574165011010503"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837209251","repostId":1126078997,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":837672858,"gmtCreate":1629888657674,"gmtModify":1631888786095,"author":{"id":"3579666066637422","authorId":"3579666066637422","name":"Hodl","avatar":"https://static.tigerbbs.com/d591a82f579d3114da9795812a4217a0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3579666066637422","authorIdStr":"3579666066637422"},"htmlText":"[Grin]&nbsp;","listText":"[Grin]&nbsp;","text":"[Grin]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837672858","repostId":1126078997,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":837645034,"gmtCreate":1629887602128,"gmtModify":1633681714421,"author":{"id":"3582423245170611","authorId":"3582423245170611","name":"7134fa9a","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582423245170611","authorIdStr":"3582423245170611"},"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837645034","repostId":1126078997,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5644387,"gmtCreate":1629888535558,"gmtModify":1635142878623,"authorId":3571747705728957,"author":{"id":3571747705728957,"idStr":"3571747705728957","authorId":3571747705728957,"name":"Timz","avatar":"https://static.tigerbbs.com/19e77b88776ef617e42d53d1b67fb8bb","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":837645034,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"EN"},{"id":837628397,"gmtCreate":1629885324919,"gmtModify":1633681724531,"author":{"id":"3564142991914856","authorId":"3564142991914856","name":"Jaymand","avatar":"https://static.tigerbbs.com/e2ef74d005aec91c36d540483cb5d0f1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3564142991914856","authorIdStr":"3564142991914856"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837628397","repostId":1126078997,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":93,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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