Market Perspectives (August 2013)
- Domestic equities gained ground in July, adding to impressive year-to-date gains. International equities kept pace with their domestic counterparts during the month, helped in part by a moderate decline in the U.S. Dollar.
- High-quality bonds posted minimal gains in July, limited by modest steepening of the yield curve during the month.
- Monetary policy was unchanged coming out of the July’s FOMC meeting, and no additional communication surrounding the timing of the Fed’s exit strategy was provided.
- Headline inflation rose in June, pushed higher by rising prices at the pump. Meanwhile, core inflation remains well below the Fed’s 2% target.
- The July employment report showed job creation was weaker than expected and revisions to prior months were negative. The unemployment rate dipped to 7.4% during the month, providing some good news.
Read the full article>>