As companies report second quarter 2015 results, the health of the global economy will likely get plenty of attention.

Our view remains that the Fed is on track to hike rates for the first time in this cycle in late 2015.

We continue to expect the U.S. economy will expand at a rate of 3% or slightly higher over the remainder of 2015.

The latest Beige Book suggests that the U.S. economy is still growing at a pace that is at or above its long-term trend, and that some upward pressure on wages is beginning to emerge.

We give the Fed partial credit on equity and bond market impact.

With six months of economic and market data since the end of QE, we assess the latest round of the program that ended in October 2014.