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Arbitraging Interest Rates and Labor Markets at 2006-07-09 19:42:58
Two of the most impressive phenomena of the past couple of months have been the ruddy health of American consumers and the strength of the US dollar. Despite recent news reporting the cooling of the US housing market, domestic consumption and economic growth have not slowed appreciably, and the markets are pricing in at least 50bp more of Fed tightening in the months ahead. Asian economies have
