• Third consecutive strong payrolls report in February

• Consumer confidence on the rise despite higher gasoline prices

• Greece reaches a landmark agreement with private creditors

• Markets continue on a bullish path

• Despite positive developments, recovery remains tentative and subject to considerable downside risks

• Over the next few months, the greatest threat is geopolitical—the ongoing nuclear crisis with Iran

An Economy on the Move: The continued flow of positive data releases is underscoring a burgeoning recovery. This is reflected in the upward revision of the estimate for 4Q11 economic growth from 2.8% to 3.0% (annualized). This change reflects an upward revision in personal consumption expenditures and non-residential fixed investment, as well as a lower trade deficit.