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Financial conditions back to normal

Today the Bloomberg index of financial conditions moved into positive territory for the first time since July 2007. This ranks as one of the best indicators of a V-shaped recovery that I've seen. The financial markets have largely healed, and that is a precondition for healing to spread and normalcy to return to the rest of the economy. This is very supportive of an optimistic outlook for growth next year.

HT: Mark Perry, who has a more detailed chart of this index over the past two years.

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