June 2015 Flash Report

Against a backdrop of stretched valuations, uncertainty and volatility surged at the end of June as investors grappled with the significance and relationship of important financial and policy events. The obvious triggers were the standoff between Greece and its creditors and Puerto Rico’s possible default. Diverging policies also mattered as the Fed prepared to raise rates while China’s central bank cut its benchmark rate to a record low after stocks there plummeted. Adding to these signals, global growth is slowing, first quarter US GDP growth, although revised upward, contracted by 0.2%, and reported profit growth for S&P 500 companies was meager.

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