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Administrative Update
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The United States: Economic momentum is cooling as we enter 2020.
United Kingdom: Friday’s British pound implied volatility decline was the largest since the EU Referendum.
Eurozone: Oxford Economics expects Eurozone loan demand to cool as policy and economic uncertainty dampens business investment.
Equities: Below is the S&P 500 price-to-book ratio vs. the returns over the following ten years (it currently points to a 5% return over the next decade).
Credit: Yields on US sub-investment-grade bonds hit the lowest level since 2014.
Global Developments: Oxford Economics forecasts that the economy in nearly two-thirds of the world’s cities will slow over the next two years.
Food for Thought: The latest 2020 Democratic presidential nomination adds in the betting markets:
Edited by Daniel Moskovits
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