Dresdner makes bold 12-month call
In July last year, the bank foresaw that the implications of a deteriorating housing market on the overall economy would lead to policy loosening by the Federal Reserve Bank.
"We were looking at the housing market, which at that stage was showing very strong signs of a significant deterioration. Different sets of data were telling the same story," said Michael Klawitter, currency strategist at Dresdner Kleinwort in Frankfurt. "We were probably bold enough to call for the implications that this
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