Greek referendum likely to only raise more questions

The late-breaking announcement of a referendum in Greece on 5-July is just the most recent surprise furthering discussion about an outright exit from the Eurozone, with the Greek banking system under the most immediate pressure. 

If anything, the referendum in Greece only raises far more questions that it can possibly answer, and likely reflects difficulties in internal Greek politics along with the negative tone in negotiations with creditors. From a broader macro context the key issue will be about the potential for contagion to the rest of Europe. Italian and Spanish yields have moved higher over the past several weeks, but are still well below levels seen in the previous Greek crises (Chart 1).

Still, as we move into 2015 H2, we remain encouraged about the US, including a solid bounceback in growth from a weather-depressed Q1, further improvement in the labor market that should see more robust wage growth, and a Fed that would be hiking rates in contrast to most central banks around the world, especially in Europe. A 

September rate hike still remains a base case, along with 3%-type US growth over the next couple of years, says  Bank of America.