August 2012 Flash Report

Second quarter GDP growth was revised up to 1.7% versus the prior estimate of 1.5%. Investors weren’t terribly impressed by that revision and spent most of the month trying to handicap the outcome of last Friday’s Jackson Hole speech. During his speech, Mr. Bernanke acknowledged the sour state of employment and emphasized the need for more “QE”. Markets responded favorably in the last trading day of the month. Still on tap in the weeks ahead are another policy announcement from the ECB and an FOMC meeting. Republican leaders met in Tampa last week to officially endorse the Romney/Ryan ticket for this November’s presidential election. As expected, little progress has been made in our nation’s capital towards resolving the country’s pressing fiscal issues. Unfortunately, it looks like we will have to wait until the election is decided for any real clarity on tax rates and spending policies.

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