What should not have been a surprise last week was the Fed announcing that their purchases of $85 billion per month were to continue. In fairness, the Fed has been consistently saying that any tapering of these purchases would be data dependent. Now that the data dispensing machine is back in action after the temporary resolution of the debt ceiling impasse, most of what has been reported so far continues to reflect overall economic weakness. There are a few bright spots, but global economic activity continues to languish in states of stagnation and atrophy.
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