JFL

July 20, 2015

Investment Outlook Q2 2015

Economic activity in the U.S. improved following a rather dismal first quarter, while the Canadian economy continues to look subdued, due to the resource sector downturn. The euro zone likely continued its recovery following 1.5% real GDP growth in the first quarter but all eyes are on Greece.

We believe that historically low interest rates will continue for a number of years and that a recession is not imminent in North America; hence, our overweight allocation to equities remains.

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