It's only a slight simplification to say that energy prices remain the swing variable in the outlook for global growth...

At the global equity market peak last year, financial assets were strongly outperforming the real economy, a state we refer to as bearish...

Today’s CPI report in the US surprised on the downside, a welcome change from the dismal run of higher than expected inflation readings...

So far the energy shock isn’t big enough to send US economy into a downward spiral.