Central Banks Advise Investors To Be Patient

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Jerome Powell sounded somewhat conciliatory after the May 1st FOMC but this week’s
minutes underscored the lack of progress in getting inflation down towards targets,
enough to justify maintaining benchmark rates at restrictive levels. Improving PMIs in Europe reinforce our expectations that economic growth is recovering. At any rate, signs of improving activity further strengthen our decision to be overweight
risk assets, and equities in particular.

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