September 2016 Flash Report

Growth, discount rates, and oil prices drove asset returns in September. The final revision of 2Q US GDP came in at 1.4%, certainly reflecting anemic growth but importantly not predicting recession. The Fed did not raise rates, despite hawkish tones, because Finally, OPEC showed that it still matters, surprising markets with announced production cuts. A near-term firming of supply and prices is constructive, especially for emerging markets.

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