Crashing interest rates bring world closer to an economic abyss
A trader works as a screen shows Federal Reserve Chairman Jerome Powell's news conference after the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange in New York, U.S., July 31, 2019.A race to the bottom of foreign exchange values could lead to a deep recession or even a depression.
One cannot rule out further tit-for-tat retaliation between the two countries, nor can we rule out a worldwide series of competitive currency devaluations designed to give each country that devalues a competitive export advantage. In the U.S., the yield on the 10-year Treasury has buckled below 1.7%, the lowest level since before President Trump was elected in November of 2016.
Global bonds are cumulatively sending a message that suggests a clear and present danger of a global recession, irrespective of what bullish prognosticators might have to say about economies and equities. The world, led by this President, needs quickly to come to its senses and end a senseless escalation in this war over trade.
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