Thanks to a surge in government spending in Q2, Canada's GDP grew at 4.5% SAAR. This is the best growth since Q3 2011 and is the best growth of all G-7 nations in Q2.
This is higher than the highest economist estimate...
Following June's MoM decline in incomes, Americans saw a modest 0.4% bounce in July (better than expected). However, their spending grew less than expected (up 0.3% MoM vs 0.4% expectations).
However, real personal spending rose just 0.2% MoM in July (below expectations).
This sent the US personal savings rate down to just 3.5%, the lowest since December 2016.
It's groundhog day as S&P futures, European and Asian shares all rise overnight, while the dollar is set to .
It's time to start worrying about currency wars again.
Authored by Nomi Prins,
Since late 2007, the Federal Reserve has embarked on grand-scale collusion with other G-7 central banks to manufacture a massive amount of money. The scope and degree of this collusion are historically unprecedented and by admission of the perpetrators, unconventional in approach, and - depending on the speech - ineffective.