Every year we are told that this is the year economic growth will finally pick up. This will be the year we hit escape velocity and break away from the sub-2% GDP trap the rest of the developed world has been mired in for seven years.
This year was no different. Economic data had gotten stronger consistently throughout the last two quarters of 2013 and we came into January wearing top hats, swinging a cane. Lust was in the air and everyone was short bonds / long banks for the big breakaway.
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