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Jakobsen: Why Bernanke's still a worried man
"Bernanke surprised me!", the words of Steen Jakobsen, Saxo Bank's Chief Investment Officer. The Fed Chairman on Wednesday night restated his commitment to accommodative monetary policy. But perhaps when you look at the US growth figures, it's understandable.
Steen says the US economy is always dependent on the US consumer turning up at the cash till and spending money. But said consumer has been deleveraging and that continues to be the case. We've also got to watch out for what Steen calls the margin call on the banks. He says the Fed is trying to tighten the monetary capital demands on the banks and that will limit future credit expansion.
However, compared with much of the rest of the developed world, the US is still a good place in which to invest your money. Despite lower growth prospects, America's doing a whole lot better than Europe and there's a huge deceleration in many Asia-Pacific markets.
01:56 minutes
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