TFA Client Update 8-25-13
Bond and stock markets are having a summer correction, focused on interest sensitive securities. This has occurred against a backdrop of mixed economic news not just in the United States but also in Europe and China. The US economy crawls forward, the Chinese economy is expanding at a slower rate than in recent years. Europe appears to be at the nadir of its recessionary contraction, but there is little prospect of vigorous economic expansion on the continent, which is constrained by stiffening banking regulation and a soggy real estate market.