Report
Fiscal stimulus and tariff war, some interference
The US federal budget deficit is set to reach about 4.2% of GDP for fiscal year 2019. In an economy that has been growing for more than ten years and is now at full employment, this is fairly high - but lower than expected when the tax reform was passed at the end of 2017. Is this reform self-financed? No. The explanation lies mainly in the increase in customs duties... borne by US taxpayers. There is some stimulus on the one hand, and fiscal restraint on the other. A strange way...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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