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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessRBC economists Tom Porcelli and.......>
US DATA REACT: RBC economists Tom Porcelli and Jacob Oubina said the June
personal income and spending report "was relatively uneventful, as it largely
represents a filling in of the details for the Q2 GDP report released last
Friday." They added that they "had been promoting the idea that the percent of
income that US households were savings was quite elevated relative to the other
economic fundamentals, and indeed, our savings models in recent years was, at
the extreme, nearly 3 percentage points below the prevailing saving rate and
theoretically, one could argue that in the wake of the financial crisis, and
with interest rates near historic low levels, folks felt a need to save more
(general caution plus your expected return on a Treasury is now 2% vs 4%)."
- The RBC economists said "effectively," the personal income/spending report "is
suggesting that household frugality, which has dominated this expansion could
very well be coming to an end." They added, "This could prove to be a critical
juncture not only for economic growth (lower savings means more spending!), but
for what the Fed thinks about the neutral rate of interest (if this cyclical
'headwind' is indeed fading)."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.