News Summary

• The u.s. economy is so strong that its natural rate is far above its official rates.
• This is why interest on American debt is relatively low given its size.
• The high return on equity (ROE) is now complementing or, to some degree, supplanting the structural/geopolitical factors which have so far supported inward investment in the U.N.
• during the post-WW2 period.
• The risk balance of investing in the US versus simply keeping money in the bank has meaningfully shifted.