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U.S. Consumer Spending Continues to Boom; Chinese Growth a Little Soft in the Second Quarter

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Consumer spending continues to boom: June’s retail sales were up 19.8% from their level in February 2020, before the pandemic hit the U.S. Retail and food services sales rose 0.6% in June from May; this was partially offset by a 0.4% downward revision to May’s level of retail sales, which are now down 1.7% from […]

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China Cuts Reserve Requirement Ratio; ECB Strategic Review Opens a Door for More Dovish Guidance at July 22 Decision

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The People’s Bank of China (PBoC) reduced the reserve requirement ratio (“RRR”) for Chinese commercial banks by 0.5 percentage point on July 9; the RRR cut allows commercial banks to turn more of their customers’ deposits into loans rather than holding them at the central bank as reserves. The PBoC estimates that the RRR cut

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