Introduction

US economic data is really strong right now in Q1, Q2 but all the long dated leading indicators suggest that there's a material slowdown coming ahead. The main topic for this week is an article that caught my eye out of the South China Morning Post called let's see end of dollar dominance will also spell the demise of US hegemony. We still think the stock market lows have last year hold and I don't think if there's a recession it's anything more than a mild one. Around 35 percent of all treasury bonds are owned by foreign, official and private sector investors. If that figure ever dropped to 20 percent which is the average foreign ownership share of European countries there would be an extra