The tax-breaks of President Trump carried to world economy in 2018, but the engine of global growth (China) was already sputtering. 8/
The decline of global central bank balance sheet had started in August 2018, and two months later the asset markets were in trouble.
The #Fed and the PBoC panicked, and "pivoted" pushing liquidity into the markets. 9/
Explained here. 👇10/
China simply cannot reflate its (or global) economy anymore. 12/
We are currently experiencing a 'bounce' from China's massive early fall stimulus, which is unlikely to continue and/or to be effective. 14/
Markets will gain a boost from the artificial liquidity central banks are currently conjuring, but the world #economy is still heading down.