Doubleline August Monthly Commentary

As the markets awaited the next Federal Open Market Committee (FOMC) meeting in September, and the ensuing successor to Fed Chairman Ben Bernanke, the nascent recovery in August muddled along. Second quarter growth surprised to the upside at 2.5% on the back of stronger exports and fewer imports, but the latest estimate of first quarter growth was revised down to 1.1%. While most economists call for second half growth to outpace first half growth, the effects of the spending sequestrations and the end to the payroll tax holiday continue to linger.


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