U.S. economic growth has slowed to its lowest rate in a year, climbing just 1.5% in Q2. That slowdown (Q1 growth was revised upward to 2.0% from the previously posted 1.9%) may have investors moving to the sidelines to wait for next week’s policy statement from the U.S. Fed. Hope springs eternal that the central bank will implement some sort of stimulus. However, the American political environment makes that unlikely, setting the stage for on-going, sluggish growth until after November’s presidential election.
American consumer sentiment dropped to a fresh low for the year in July. The University of Michigan’s final read for the month fell nearly a full point to 72.3 from 73.2 in June.
However, yesterday’s calming words from the president of the European Central Bank – that it “will do whatever it takes to preserve to the euro” – seem to have been enough to increase the market appetite for risk and bond yields have popped-up.
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