Heard on the Street -- Housing: bubble. Food: bubble. Manufacturing: trouble. Not a pretty picture for China’s central bank.
The world’s two largest economies are both struggling, but in one of them policy makers still have plenty of tools to respond. In the other, not so much.
The Federal Reserve on Wednesday cut U.S. benchmark rates for the third time this year, responding to weakness in manufacturing and tepid inflation. In contrast, the silence from China’s central bank remains deafening. The bank’s preferred measure of growth in economywide finance outstanding has increased by less than a percentage point since hitting a trough in late 2018....
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