BETTER BY THE MONTH
• A strong rebound in 2Q14 from the winter doldrums
• Robust payroll numbers point to solid labor market improvements, with unemployment heading down to 5.5% by year-end
• Fed policy: “steady-as-she goes”, with an eye to a possibly earlier U.S monetary tightening
• Economy on path to above-trend growth in the next few quarters
• Sharp July month-end correction reflects markets on a knife-edge, spooked by monetary policy uncertainties-goodbye to Goldilocks!
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