he mentions the baltic dry index, which continues to improve, as an indication that commodity prices will continue to recover. also, even though t-bonds have declined recently, corporate bonds have done very well as the risk of an economic collapse has receded. so while the banks still are not willing to lend, they are willing to buy corporate bonds. coxe thinks this means we won't see a robust credit expansion, but it will prevent a deflationary collapse. overall he sees some improvement in the economy, especially in commodities.

http://events.startcast.com/events6/...