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	<title>Investment &#8211; RFR</title>
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	<description>GLOBAL MACRO AND THEMATIC INDEPENDENT RESEARCH</description>
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	<title>Investment &#8211; RFR</title>
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		<title>Optimism of all the rage&#8230; in a dense fog</title>
		<link>https://richesflores.com/2018/01/08/optimism-of-all-the-rage-in-a-dense-fog/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 08 Jan 2018 14:15:43 +0000</pubDate>
				<category><![CDATA[Global Trends]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[Exports]]></category>
		<category><![CDATA[fiscal reform]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Trump]]></category>
		<category><![CDATA[unemployment]]></category>
		<category><![CDATA[world economy]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=9222</guid>

					<description><![CDATA[2018 has started on a confident note. After a very strong end...]]></description>
		
		
		
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		<title>The U.S. Economy: Far Too Early to Break Out the Champagne</title>
		<link>https://richesflores.com/2013/09/16/the-u-s-economy-far-too-early-to-break-out-the-champagne/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 16 Sep 2013 13:57:17 +0000</pubDate>
				<category><![CDATA[IN CHARTS]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[growth]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Spending]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=2174</guid>

					<description><![CDATA[That markets are wildly optimistic about the U.S. economy is nothing new. What should draw our attention this time around is that such upbeat sentiment has rarely been harder to square with the numbers. For example, contrary to the dominant narrative: 

The U.S. economy is doing worse than a few months ago, not better. Growth in industrial output is petering out, productivity has moved into negative territory, and employment data point to backsliding. 
The economy’s ability to cope with higher interest rates simply can’t be taken for granted. Not only has consumer spending yet to pick up, but the real estate market has been derailed by the rise in interest rates since the start of the year]]></description>
		
		
		
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		<title>Bright Spots in an Otherwise Lackluster Recovery</title>
		<link>https://richesflores.com/2013/08/27/bright-spots-in-an-otherwise-lackluster-recovery/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Tue, 27 Aug 2013 09:10:20 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[automotive]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[stocks]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=2060</guid>

					<description><![CDATA[Although there are still legitimate concerns about the future of the euro area, the recession is definitely over. Like all such episodes, this one comes with a number of pleasant surprises. Here are the three main ones: the first and most significant surprise from the investor standpoint is a recovery in Europe’s auto industry, along with improved stock performance for the firms involved; the second—and much more surprising—surprise is that the indicators we track on the French economy show a brighter outlook for industrial investment in France; the third, and possibly most important surprise—given the risks that Spain’s sluggish economy pose for Europe as a whole—is that spending by Spanish consumers is clearly trending upward.

While none of these surprises taken alone has enough weight at this point to convince us to make any major changes to our growth forecasts, they each help restore a modicum of confidence—perhaps even with unexpected repercussions. ]]></description>
		
		
		
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		<title>The U.S. Economy: Don’t Count Your Chickens Before They Hatch</title>
		<link>https://richesflores.com/2013/06/05/the-u-s-economy-dont-count-your-chickens-before-they-hatch/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Wed, 05 Jun 2013 13:51:48 +0000</pubDate>
				<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[Employment]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[productivity]]></category>
		<category><![CDATA[U.S. Growth]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1717</guid>

					<description><![CDATA[Sentiment on the U.S. economic outlook has gone from a flurry of uncertainty at the start of the year to renewed optimism. Admittedly, there are grounds for being bullish. Growth has held up despite tougher fiscal and tax policies; the housing market recovery has continued; and the Fed has stuck to its easy money policy. But let’s not get carried away! The latest numbers are no more encouraging than those available at the end of last year. In particular, decelerating productivity growth, with all that it implies in terms of profit, investment, and job trends in the next few quarters, may well drag the U.S. economy back down in the second half of the year. And with a policy mix that is less accommodative than before, the key ingredients for a genuine recovery are still nowhere to be seen. All this has conditioned our analysis on several points...]]></description>
		
		
		
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