Is growth an illusion? These words were sculpted in neon in the front window of the Deutsche Bank salon on the Promenade in Davos at the World Economic Forum last week.

My first thought was that for the German financial institution, the answer may be yes. My second was to ponder the divide between the US business community, which seems to have bought into President Donald Trump’s view that the US economy is a “roaring geyser of opportunity”, and the opinions of many others, including numerous high-level market participants.

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