September 26, 2016 - Stocks reacted favorably last week as the Federal Reserve declined to raise interest rates. Meanwhile, the U.S. economic data released last week, including housing and manufacturing reports, were consistent with subdued economic growth. This suggests the Federal Reserve will remain accommodative with its monetary policy for a while to the benefit of stocks and other risk assets. The economic news out of Europe (bottom panel) and China remain mildly encouraging which should further benefit stocks. Improving stock market conditions can be seen in many countries and sectors (see Global Market Conditions section below).
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