• Despite the lifting of covid restrictions, China’s economy continues to slow in a significant way.  With the 20th National Congress behind them, they seem to be more inclined to support the economy to the degree they have in the past.  That’s not good for global growth.
  • If China’s slowdown in growth spills over into the U.S., it should show up in the bond market.  If yields decline, it should be positive for the stock market…UNLESS the drop in rates becomes steep (and thus signals a material slowdown in growth in the U.S.).
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