(Apr 12): Last week, I talked about why US consumers may well be the key driver for near-term global growth, contrary to widely held views. To very quickly recap, thanks to a decade of deleveraging, in the aftermath of the global financial crisis, US households have rebuilt their balance sheets. Household debt now stands at only 71.3% of GDP, down from the peak of 98.6% in 2007. Crucially, debt servicing as a percentage of disposable income has dropped to the lowest level in decades — leaving consumers with more to spend and/or save.

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