It was the usual flight to risk taking in a relatively light NY session. The news flow was nearly nonexistent with only some Fedspeak on the docket. The highlight was dovish commentary from the Fed’s Yellen, who remains skeptical about the US recovery. She called the rebound “tepid” and noted “slim” odds for a return to robust consumer spending. This is in line with our base case scenario that the US consumer will remain in deleveraging mode and keep overall economic growth anemic. Full text »
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