The Red Ponzi’s Credit Impulse Is Fading—-And So Is The Synchronous Growth Story

Furthermore, as it relates to the “synchronous recovery” meme, after falling in both Jan. ’18 and Feb. ’18, the JPM Global PMI plunged  by -0.7% Y/Y in Mar. ’18, dropping by the most in any single month since 1Q16’s global growth scare (Exhibit 3). While, admittedly, some of the weakness in Mar. ‘18’s global growth could prove temporary, with such a broad-based weakening across a number of countries, we surmise that global growth has indeed peaked (this is not Consensus).