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Hard Data Have Followed Soft Data



Hard data have followed high soft data in US and Eurozone economies, leading to the relatively high growth rates. On the other hand, inflation rate show weakness to increase close to the target of the Central Banks. At the same time, China’s economic data signal higher 2007’s growth rate than previously estimated. Equity prices have over-performed during the current phase of the current economic cycle, while bonds have under-performed. Long-term yields (of US and German bonds) are expected to increase at moderate degree.