This week’s global review

In this week’s GWR, we look at the increasingly strange relationship between money growth and bond markets – why money and liquidity growth is slowing in many of the DM as bond markets sell off.  This is yet another unwelcome side-effect of prior central bank policies but there may yet be a time to load up on bonds once again before the end of the year.  Also, we look at what has (really) been driving the US profit rate over the last decade and explore the outlook for 2015 if investment spending and / or exports don not pick up soon