Salient to Investors:

Patrick J. O’Hare at writes:

  • The stock market still has faith in the Fed as shown by the rebound in the face of higher interest rates, implying that the Fed will continue to help boost economic growth. The market’s obsession with monetary policy will continue.
  • Expect Q2 GDP to be -0.3% versus the consensus of close to 1.0%.
  • The Treasury market is less convinced that the Fed is going to hold off on tapering past September

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