Here’s Doug Porter from BMO:
"The U.S. is a relatively closed economy and it sailed through the 1998 emerging market crisis with flying colors," he says. "And, U.S. domestic demand fundamentals look quite solid, with consumers in robust shape and housing continuing to grind ahead," Porter notes. In Europe the situation is similarly, with "ultra-easy monetary policies" appearing to underpin the economy. "And, finally, recall that lower oil prices are not a long-term drag on growth; quite the opposite among the major oil importers which importantly include Japan, Europe, India, Korea, Turkey, the U.S. and, yes, China," Porter adds.
