Financial markets constrained in aftermath of Iraq war
Since last summer we have anticipated that US military success in Iraq would be followed by continuing uncertainty. The effect would be both to produce buying opportunities when investors became unduly pessimistic and to constrain financial markets. This is the situation we find ourselves in today. An issue we thought investors would have to face up to was the US economic outlook, since for quite some time we have forecast US GDP growth in 2003 of only 1.5%. Crucially, the excesses of the 1990s, although reduced, remain in the form of a large private sector financial deficit and the assoc...
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