Highlights We continue to expect the Fed to again cut its bond purchase program and remain on pace to exit QE by year end. However, odds have increased that the Fed could change “something” at this week’s FOMC meeting, including omitting its promise to keep rates low for a “considerable time” or providing the public…

Highlights Over the past three Beige Books, the BBB has averaged +100, the highest reading over any three consecutive Beige Books since at least 2005. The latest Beige Book indicates to us that the negative headwinds that have held the U.S. economy back over the past seven years may finally be abating. Health care and…

Highlights The market is not expecting the ECB to begin QE this week, although other forms of policy support are likely. The data continue to suggest that more aggressive monetary policy from the ECB would have only a muted impact on the Eurozone’s real economy unless the fractured banking system can be repaired. Policy divergences…