Global vs Domestic

Last week's blowout jobs report had the beautiful combination of strong growth and flat/rising underemployment rates. This supports our expectation of a Fed hike in December rather than one in September.Accelerating growth when the economy is approaching full employment suggests that the equity bull market is not over, though we are entering a more volatile phase.

A collection of 10 important charts to monitor closely through the summer months.

The Fed's decision to scale back intended interest rate hikes reflects economic reality.