March 2012 Market Commentary

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The Economy: A Good Start to 2012

The U.S.

Economic conditions ended the first quarter of 2012 on a high note. Financial markets largely reflected the increase in optimism, delivering higher equity prices and further credit spread tightening. While the mood in the U.S. is far from jubilant, economic data are suggesting that better days are ahead of us. Headwinds still exist, however, which could derail the still-fragile recovery.

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