Resilient Markets Mask Greater Concerns in Real Economy

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  • Though equity markets have been calm, the real economy tells a different story.
  • If our leaders in Washington aren’t able to arrive at a compromise, January 1 will mark the beginning of the country’s first “scheduled recession”, though third quarter corporate earnings suggest a global slowdown is evident.
  • Don’t be surprised to see a Christmas rally should Congress kick the fiscal can down the road and the Fed extend Operation Twist.

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