The institutional bank at NAB does some good research but they have a habit of interpreting data with an overly bullish eye. That is one one reason why I prefer the output at Westpac. Still, every so often they produce a report worth your time and today is one of those days with a neat and succinct update on the state of the US economy as well as the possibility of QE3. I’d take the under on their growth projections but other than that I agree with everything in this report. The timing of QE3 is a major issue for 2012 with big implications for commodities and China.
