At last some good news, after plenty of the bad sort
is caught in two stalemates. The first involves its central bank. On July 31 the Federal Reserve cut interest rates by a quarter of a percentage point, the first reduction since 2008. The Fed is determined not to let the economy succumb to a recession. But nor will the economy warm up enough to let the Fed raise rates to normal levels. The other stalemate is with China. Talks this week in Shanghai confirmed that the trade war is unlikely either to end soon or escalate soon.
s, grew at miraculous rates. It was easy to think poorer economies would naturally catch up with rich ones, because imitation is easier than innovation, especially when innovative firms build plants in imitative countries. Many also believed that emerging economies had become resilient, with well-run central banks, higher dollar reserves and more flexible currencies.
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