High Grade Core Intermediate 3rd Quarter 2009
In many ways, the U.S. economy remains on life support. Though the worst moments of the financial and economic crisis appear to be behind us, our banking system remains dependent on lifelines to the Federal Reserve and the Department of Treasury. Unemployment is at the highest levels in decades. Consumer spending remains tepid at best and those lucky enough to still have jobs are working to rebuild their battered balance sheets. The Federal Reserve has remained steadfast in its historic policy of quantitative easing, maintaining the Federal Fund rate near zero. The U.S. Dollar has resumed its fall as investors around the world worry about the uncertain role of the greenback in the world currency reserve system of the future.