analysis

**The ECB** insists(https://www.bloomberg.com/news/articles/2024-04-04/ long-shadow of the Fed shows-limits-of-ecb-talk-of-independence?srnd=homepage-europe) **it will not follow the Fed's example as it prepares to be the first to cut interest rates, but its future course of policy may well be determined by what happens in the US. https://tinyurl.com/27xd424a

Geography is geography and in different markets in principle the same thing happens; an important indicator of crisis phenomena is the average area of new real estate that begins to slowly but surely drop during the transition from favorable periods to unfavorable ones.

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