In this month’s letter Bill Longbrake explains why he is putting his “Recession Watch” on the shelf for the time being. He summarizes why recent policy intervention has been successful in papering over significant global imbalances. But, he goes on to explain why policy has been palliative, not curative. Longbrake also examines the rise of populist movements across the globe, including the United States, and their genesis in the 2008 global financial crisis and subsequent policy responses. The remainder of this month’s letter provides updates on GDP, employment, inflation, productivity, financial conditions, and monetary policy in the U.S.