"Over the past week, global equity markets have swooned, while government bond yields dropped and credit spreads widened. Why? Well, from our perspective, the market downdraft should not have been related to any change in the near term outlook for the U.S. economy. The U.S. economic data released over the past week was essentially just more of the same. The data, which included the vehicle sales, same store retail sales, manufacturing ISM, non manufacturing ISM and emplyment data for August, still suggest to us that the U.S. economy remains mired in a slow-growth environment along with sluggish job growth, and uncomfortably high-but about to recede-inflation readings".

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