Quarterly Outlook
Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity
John J. Hardy
Global Head of Macro Strategy
Christopher Dembik
Head of Macroeconomic Research
Summary: Since last May, when the trade war with the US intensified, China has shifted towards looser monetary policy and stimulus efforts. So far the biggest impact of easing is that it has contributed to boosting the credit impulse – a key driver of economic growth – back into positive territory.