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Industrial production rose and fell in July

I F YOU think there’s a contradiction in the headline, you are right, but only at first glance. In fact, there’s nothing wrong with the title because industrial production both increased and decreased in July compared to the same period of the previous year. But how is this possible? Once again we face a dilemma:...


Zero and infinity

THE tide turns again. The Fed has initiated a sea-change. This may have an impact similar to Bernanke’s May 22, 2013 speech that initiated the ‘taper tantrum’, only currently the direction of the change is opposite to that. Basically, and after Clarida’s vindication of Powell, the Fed managed to broker a carte blanche. The cheque...


Housing construction increases, sales decline

MUNICIPALITIES issued licenses for the construction of 212,000 houses during the first half of the year. It’s more accurate to say: “Those who will build houses received licenses.” There’s been a rapid increase on a quarterly basis. A total of 81,000 licenses in the first quarter, 131,000 in the second. Also, there’s been a strong...