The call is based on an expectation of private sector releveraging, coupled with the end of the fiscal drag.
Comment:
But why? Bi says,
The clearest area of macro improvement in the US so far has been in the housing market, with that trend expected to continue into 2013. Over the past year, many housing indicators – housing starts, home sales, permits issued and house prices – have turned higher. The NAHB Homebuilder survey indicates that although housing activity remains below “neutral” levels, it is improving rapidly.
If that's true, we may soon see the inflation scenario.
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