Quarterly Newsletter

2nd Quarter 2015 Balanced Commentary

The second quarter of 2015 saw the continuation of the Greek saga, and whether or not the debt laden country would exit the Eurozone. While we have been through this exercise numerous times already, the actual impact to markets should be contained given that lenders have had several years now to anticipate an ugly ending. Nevertheless, the continuing headlines have given rise to increased volatility in the markets. The other major story of the quarter, in our opinion, has been the strength of the jobs market (280,000 jobs created in May). The jobs strength gives credence to the first quarter’s negative GDP reading of -0.2% being weather induced, and indicates that the economy is indeed recovering and should accelerate as we move through the balance of 2015.

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