Dawnest Before the Dark
"The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions and inflation near the Committee's symmetric 2% objective."
"Stable growth momentum is anticipated in the Euro area as a whole, including France and Italy, as well as in Japan and Canada. Signs of stabilizing growth momentum are now also emerging in the United States, Germany and the United Kingdom, where large margins of error remain due to continuing Brexit uncertainty. Among major emerging economies, stable growth momentum remains the assessment for Brazil, Russia and China (for the industrial sector)."
"Our business cycle map on country level going back to 1973 suggests that if the turning point came in October, then we are entering the most rewarding period for investors in equities relative to bonds. The average outperformance for equities versus bonds in USD terms has been 9.4% for every recovery phase."
- September 1957: 3.07%
- May 1960: 2.06%
- January 1970: 0.32%
- December 1973: 4.02%
- January 1980: 1.42%
- July 1981: 4.33%
- July 1990: 1.73%
- March 2001: 2.31%
- December 2007: 1.97%