MI2's Global Macro Summit

September 26-29| Vail, CO


US Economy: Part III – Inventories

  • Higher prices have flattered headline numbers while obscuring declining volumes of sales
  • When combined with the shift to ‘just in case’, the result is a historic level of inventories
  • Unless new orders accelerate, the risk is that we are heading into an inventory cycle
  • Thereby raising the risk of a return to boom/bust economics and increased volatility


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