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The guessing game on interest rates is finally over. The Federal Reserve has told the market to expect the first rate hike later this year, and that it plans to move slowly on subsequent increases.

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With just hours to go before the deadline for a $1.7 billion loan payment, the Greek government finally sought to end its high-stakes game of chicken with its European creditors.

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Our portfolios have an overweight to international developed stock markets, based primarily on relative valuation. We have focused most of our discussion of that overweight on equity opportunities in Europe, but we are also constructive on Japan

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If you follow the U.S. investment markets, you might be feeling a bit of déjà vu.

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Historically, productivity has tended to increase during economic upswings as companies use their rising profits to invest capital back into their businesses and to expand their payrolls. The current economic recovery, however, has not followed that path.

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