USWe’ve been more optimistic about faster US economic growth in 2014 than most analysts, and our viewpoint was sorely tested by severe winter weather that seemed to impede economic progress. But recent data on employment, hours worked, retail sales and production collectively show a very strong spring rebound.
EuropeWith a successful bond auction this week, Greece’s ambitions to exit its bailout late this year have taken an important step forward. We believe such a bailout exit is now more likely. However, with debt still at very elevated levels, many of the country’s fundamental problems remain unresolved.