2 Comments
User's avatar
Andy Fately's avatar

and all this was before today's blowout NFP! as I continue to write, the data is a Rorschach test for whatever you want to make it. but I agree that Europe will continue to fare far worse than the US

Expand full comment
Fabian Wintersberger's avatar

NFPs were truly astonishing. After the ADP number my guess was slightly above expectations, but this was a bummer. And the interpretations I've read outright support my point: everyone reads the data the way he wants to see it. But things in Europe look dire as I can't think who can step in and takeover Germany's role. ECB will have to move way before the Fed does.

Expand full comment