September 2012 Flash Report

The final estimate of 2nd quarter US GDP growth came in at 1.3%, revised downward from the previous estimate of 1.7%. Earlier this month, the Federal Reserve announced that it would engage in an open-ended purchase program of MBS securities ($40 billion per month) in response to persistent unemployment and anemic growth. The anticipation of “QE3” drove equity markets higher, adding to gains from August. Post-announcement, however, markets have generally lacked direction. Speculation of stimulus out of China coupled with new fiscal plans in Spain and France renewed buying interest to close out the month.

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