- Ellipsis AM Monthly Review echoes Nicolas Blanc's comments in the Monthly Review.

Important points to note:

  • Economic situation  in the US and Europe
  • Business in  China  continues to disappoint.
  • Rates : Curve inversion 

"After a much better-than-expected first half, the overall economic situation at the middle of the year seems to vary from one region to another".

Extract : "The counterpart to the firmness of activity in the first half was a slower than expected fall in inflation. While the broad indices are now falling rapidly, the decline in the core indices is disappointing. It is worth noting, however, that housing costs are finally slowing in the US, a trend that should continue for the rest of the year. Wage growth is also slowing, suggesting that the inflationary loop between consumption, employment and income is easing."

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