Second Quarter International Review 2013
The US Federal Reserve is largely being blamed for triggering the selloff, specifically Chairman Bernanke’s May 22nd speech in which he indicated that US economic growth is on track to accelerate in the coming years. This would give the central bank room to begin pulling back from its exceptional quantitative easing measures and bond purchases of $85 billion per month. Investors quickly extrapolated this talk of ‘tapering’ to forecasting actual interest rate increases; some expecting it to occur as early as late 2014, much sooner than previous indications that rates would not rise until sometime in 2015. 2013_CFAL_Quarterly_International_Economic_and_Market_Overview Click here for full International Market Review

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