Experience Stern | News & Events

Excerpt from CNNMoney -- "Well I think there are three sets of reasons. One is that the tail risks of a year ago from the global economy are lower. The eurozone is not blowing up, we avoided the fiscal cliff in the U.S., there is no Chinese hard landing, there is still no war between Iran and Israel. Those were significant risks in the first half of last year. Secondly, there's a hope that while economic growth has been really anemic, some of the indicators coming from the U.S., even Japan or China, suggesting a little bit of better growth, not in the eurozone, not in the U.K., but in other parts of the world. And three, there are the effects of all of these new rounds of unconventional monetary easing. As I said, the Fed is doing it, the Bank of England, the Bank of Japan, the Swiss National bank and eventually, too little too late, even the European Central Bank will do it."

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