Rosenberg Daily Soundbites

• The U.S. economy has clearly hit stall speed
• The labour market is still in horrible shape and the fiscal cupboard is now bare
• This is not a textbook recovery and that is because we came off a balance sheet recession, not a plain-vanilla manufacturing inventory cycle
• Looking underneath the hood, we see that cyclical stocks have underperformed defensive stocks
• High-yield bonds are looking less junky over time
• So long as monetary officials are going to keep real short-term interest rates on the floor or in some cases (like the U.S.A.) in negative territory, the uptrend in gold will continue unabated