Happy 4th of July!

Dear Friends,

Happy 4th of July! The Rate Sheet is attached.

It’s been an up-and-down morning in the markets today on the heels of this morning’s weak Jobs Report. The Labor Department reported that the US economy shed 62,000 jobs in June, which is slightly more than estimated. Job losses in April and May were also revised to show an additional 52,000 jobs lost in those months.

The Initial Jobless Claims report also came in–showing more weak signals in the labor market, as layoffs have breached levels typically associated with recessions. Despite expectations of a slight decrease, the unemployment rate remained at a four-year high of 5.5%.

In other news, as expected, the European Central Bank raised its key lending rate by .25% to 4.25% in an effort to rein in escalating inflation in the 15-nation Eurozone. It will be important to see how this news impacts our markets in the weeks ahead.

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