This summer has seen a gradual deterioration in sentiment, as it becomes more apparent that the grad...
This summer has seen a gradual deterioration in sentiment, as it becomes more apparent that the gradual tightening of policy has begun to have an impact in the real economy. Leading indicators are suggesting consensus forecasts for economic growth in 2005 are too high, while current evidence of economic activity shows that both the housing market and consumer spending are beginning to slow down. Sentiment has responded by swinging from the optimism seen in the first quarter of 2004, to a growing concern about the outlook for corporate profits in 2005. Reinforcing this nervousness has ...
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