Growth downshift, yes. But how much?

A lot of the data coming out of the US of late reinforces the concept that the V-shaped recovery is flattening out. Meanwhile, in Europe, which has outperformed the US on a currency-adjusted basis, the question now is whether that outperformance lasts. A few broad points on that below

Macro framing

The way I'm thinking about this is as a global economy hi…

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