Brace for a QE3 comedown

As markets bask in the glow of QE3, Washington remains divided on its approaching fiscal cliff while US corporates, increasingly fearful of a European style austerity regime, are slowing capital investment.

I suspect that when the Bernanke celebrations die down the fiscal cliff will dominate the headlines.

At the weekend the veteran US economist Al Wojnilower sent me a note showing how the fiscal cliff will prevent Bernanke’s QE3 from rekindling US corporate investment and/or consumer spending to lower unemployment.

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