July 2016 Flash Report

Risk assets advanced broadly as global markets shook off Brexit, terrorist attacks, and a failed coup in Turkey. Central banks remained accommodative with the Bank of Japan maintaining its bond buying pace and policy rate consistent with similar actions by the Fed, ECB, and Bank of England. Strong income growth, rising home prices, and falling interest rates also helped push US consumer sentiment to post-2008 highs, supporting moderate household demand prospectively. July was punctuated, however, by weak US growth at 1.2% that is at odds with market-discounted increases in future corporate earnings.

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