Although global growth lost some momentum as the year progressed, the International Energy Agency reports that worldwide carbon emissions from energy generation climbed to a record high last year, as the world’s demand for energy grew at its fastest rate this decade. Admittedly, a non-standard economic measure, but illuminating all the same.
Pity the economics forecaster – things always seem much clearer looking over your shoulder. But the Cassandras may have felt vindicated at the end of last week, when the release of negative economic data from Europe (including faltering Purchasing Managers' Index readings in Germany) resulted in a sharp drop in long-dated treasury yields. It meant that yields for short-term debt instruments surpassed US 10-year treasury bills, extending to three-month bills for the first time since the global financial crisis. (The 10-year Treasury note yield fell as low as 2.4 per cent below the three-month T-bill).