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Quarterly Commentaries

Variability Within Moderate Growth – Q3 2015

China's slower growth is a headwind for global growth, but it impacts economies and businesses differently.  Strength in consumer and health care spending in the U.S. should overcome local production weakness.
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Focus on Areas of Strength – Q2 2015

Selective market opportunities exist, even as the Federal Reserve embarks on raising interest rates and global growth is subdued.
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Moderate Growth and the Strong Dollar – Q1 2015

U.S. GDP growth shifted lower, while European stocks rose on the weak Euro. A more difficult corporate profit growth environment in the U.S. is ahead despite steady economic growth. This should make sector positioning critical.
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Growth and the Dollar: The Beat Goes On – Q4 2014

Slow-to-moderate growth and a strong-dollar environment will likely persist in 2015. In the U.S., sectors of the market like Consumer Discretionary and Health Care look well positioned. Commodity-based sectors in the U.S. and overseas economies should face economic headwinds.
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Growth Differential – Q3 2014

The U.S. economy continues to grow at a steady pace even as growth abroad looks less certain. The divergence in growth among major economies will continue to impact the currency markets and, in turn, drive Sector and overall stock market returns.
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A Slow Start – Q2 2014

Disappointing economic growth in the first half of the year is likely to carry over to the second half. Weaker than consensus growth and higher interest rates pose risks to fixed income and certain areas of equity markets.
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More Questions Than Answers – Q1 2014

Weather played a role in the softer data, but other signs of slow growth were prevalent too.
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The information contained within each report was current at the time the report was created and may change over time.