Global Economic Outlook June 2009
Good News
Credit Standards Getting Easier
Foreign Ownership of Stocks and Bonds
10-yr Treasury Yields
Concerns
Sources of Economic Growth
Percent of Long-term Unemployed
Unemployment Rate and NAIRU
Housing
State & Local Governments
S&L Budget Gaps
State and Local Government Drag
S&L Purchases as % of GDP
Sales Tax Collections
State and Local Property Taxes
Stimulus No Ammunition
Budget Deficits % of GDP
Exit Strategy
Real Federal Funds Rate
Inflation Expectations
OOOOOOoooutp Output Gap
Taylor’s Rule Actual Federal Funds Rate
Change Policy Language Interest Rate Sell MBS
U.S. Economic Growth (% Change Year over Year) Forecast
European Economic Growth
European Bank’s Exposure to Greece Billions of US dollars
Share of U.S. Exports
Outlook Bought Time Vs. Deficits Remain
Debt Maturity Schedule
Who Should Leave Euro? PIGS Germany
Euro Breakup? Political Union Vs. Economic Union
Two Euros Black Euro Vs. Red Euro
Global Debt Problem
Solve Debt Problem? Growth Default Inflation
Debt to GDP Over 90%: 1.7% Vs. Below 30%: 3.5%
Over 100% Stunt Growth
Euro Economic Growth (% change Year over Year) Forecast
Asia Economic Growth
Asia:V-Shaped Trade Rebound Inventory Building Capital Inflows Strong Domestic Demand Weak Financial Sys.
Asian Dependence on Europe
Asian Exports to AE and China
China’s Economy
China’s Infrastructure Spending
China’s Bank Lending
China’s Property Prices
China’s Inflation
Value of Chinese Yuan
China’s Economic Growth (% Change Year over Year) Forecast
Global Imbalance
Rebalancing Global Trade
Stocks
Contrarian Indicator?
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