Bye-Bye Britain

brexit_1The Friday File: Shockingly, the UK voted to exit the EU. Sterling has touched levels last seen in 1985. Visit London!! Impacts here will be negative; GDP will be clipped by two-tenths of a percentage point through mid/late 2017, bond yields will fall, exports will suffer, and the Fed surely won’t raise rates before November! Europe must focus on avoiding a recession. This will take years to fully play out.

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