In a surprise move, China reversed its recent monetary policy-tightening and is now geared towards loosening. What do they know? Apparently, a lot. Their economic recovery is not as steep as they liked, yes, but my guess is that they see the Delta variant as a real game changer for the global economy.
The UK is in the midst of a sharp upturn in cases and so are various other European countries. Should Delta make its way to China (it will, its only a matter of time) things could turn really challenging. And when it really hits the under-vaccinated and way overconfident US… well…. It could be ugly.
In other news, I’m on vacation mode so expect fewer and shorter posts. Later….