Financial markets got off to another shaky start this week, as investors
made jittery by Britain’s surprising vote to leave the European Union
abandoned securities for U.S. bonds and Treasury bills, which they
perceived as safer investments.
Britain’s surprising vote to leave the European Union shook equity,
currency and commodity markets in late June, but we still think the
Federal Reserve was the dominant player in the first half of 2016, and
there’s little reason to think that will change in the second half.