- Equities rallied in June, although losses from the prior two months left stocks in the red for the second quarter. International equities had a strong boost following the EU Summit, but still lag their domestic counterpart’s year-to-date.
- Treasury yields edged higher in June, leaving high-quality bonds in flat to negative territory. Coming out of its June meeting, the Fed announced the extension of Operation Twist through the end of the year.
- Economic growth remained a subpar 1.9% for the first quarter and is expected to remain in a similar territory for the second quarter, although that may be subject to adjustments as additional data is available in the weeks ahead.
- The employment picture remains weakened, with the economy adding an average of only 75,000 new jobs per month during the last three months. The unemployment rate held steady at 8.2% in June, but remains elevated as we edge closer toward the 2012 election.