June 2012 Flash Report

In June, 1st quarter US GDP was confirmed at an unimpressive 1.9% growth rate, analysts continued to cut corporate earnings estimates and the Fed rather quietly extended Operation Twist through 2012. To the surprise of many political pundits, the US Supreme Court did not strike down the individual mandate of the Health Care Act last week, failing to head off CBO-projected overruns and higher taxes for the middle class. Markets sold off on that news as well as legitimate concerns regarding Spanish solvency. On Friday, EU leaders announced the formation of a bank supervisory board and efforts to reduce borrowing costs for Italy and Spain; judging by the ensuing massive rally, the market wasn’t expecting much from EU leadership.

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