Second-Derivative Optimism; Plus, Euro Climbs a Wall of Worry

In our Currency Strategist newsletter last week I discussed a growing obsession with the second derivative as it pertains to economics.

I guess the easiest way to define the second derivative is to say that it’s the speed at which an increase or decrease is increasing or decreasing.

You probably realize it: it’s become commonplace lately to characterize GDP contraction and various data points as declining at a slower pace.