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More money illusion on display
Weekly investor research
08 September 2014
The ECB eased monetary policy due to fears of the effects of US monetary policy normalisation and general economic
weakness at home. When this causes markets to rally they are displaying a kind of money illusion, which is likely to continue
until the costs manifest themselves. Before discussing the latest easing in developed economies we offer our interpretation of
Rafael Ramirez’s demise in Venezuela and review the latest changes in the Russia-Ukraine situation. We touch on the Argentine
debt saga, Mexico’s manufacturing cycle, Brazil’s latest polls and Hungarian growth.