»» Most equity markets pulled back for the third-straight week, except the U.S. managed to drift higher following Friday’s slightly better-than-expected employment gains. Safe-haven government bond yields rose again across regions.

»» The obsession about when the Fed will begin to taper will likely persist for months. Our economist has long argued tapering could start in October if employment growth remains near recent levels.

»» Global Roundup: Statistics about the magnitude and duration of previous S&P 500 selloffs since 1945; highlights from Canada’s strong employment report; update on Europe’s economic trends; summary of Japan’s “third arrow” reform efforts. (pages 3-4)

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