June 2013 Flash Report

US GDP growth slowed to a disappointing 1.8% in the first quarter as higher taxes on American workers impacted spending (go figure). Nonetheless, corporate profit margins and balance sheets remain healthy, consumer sentiment is high, existing home sales in May reached their highest level in six years, and domestic business activity is expanding. Central bankers around the globe are still accommodating as Chinese central bankers try to assure market participants that reserves are more than adequate to stave off any liquidity crisis. So far, credit conditions have improved.

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