Innovest Market Commentary for April

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The Economy

Robert Kennedy popularized an oft-quoted Chinese proverb: "May you live in interesting times." Between the geopolitical headlines of the first quarter (Egypt, Libya, and Japan) and the extraordinary fiscal and monetary measures in the developed world, the global economy has been "interesting" to say the least. We continue to witness the recovery of the global economy. 

In the U.S. we obsearch encouraging signs of growth, but at a painstakingly slow pace.  The tailwinds of low interest rates and quantitative easing have now given way to the headwinds of inflation and unsustainable budget deficits.  How to reconcile the good news with the bad?  We still see the glass half full.  Companies continue to grow and be profitable.  Jobs and consumer confidence are gradually returning.

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