Economy•
US economic growth will be modest in 4Q 2013 and show slight acceleration in 2014. Weak consumer spending will continue due to weak consumer income growth although housing recovery will support consumer confidence. Fiscal issues will remain a negative factor. Business fixed investment is vulnerable to economic uncertainty although corporate sector has healthy balance sheets.

Interest rates•
I expect yields to rise gradually as US economy improves slowly. Recent weak employment report makes it likely that Fed will start tapering next year.

Corporate sector •
Investment grade corporate sector has solid fundamentals and healthy balance sheets including abundant cash on hand despite concerns on equity-friendly financial activities. Investors’ strong demand for higher yield will help corporate sector outperform.

Do you agree or disagree? What do you think?
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