Good morning, the agreement to keep tax cuts in place for another year has been viewed as very favorable for the economy, allowing for strong consumption which could help the U.S. GDP grow at a faster than previously anticipated rate.
Furthermore, even though unemployment rose recently to 9.80%, Jobless Claims a more timely report since it is released weekly, fell last week to the lowest level in 2 years.
All of this has pushed government paper significantly lower for the past few days and kept the Dow trading at a narrow, yet overall strong, range.
I believe the compromise reach by Republicans and the Obama Administration was the best possible deal we could get under these circumstances. Additionally, I do believe that any form of tax hike to anyone would be counterproductive at this point.
Have a good rest of the week!
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