U.S. economic data and markets have been remarkably resilient in the face of reeling Emerging Markets along with continued trouble in Greece and now Puerto Rico. Yesterday's U.S. ISM Manufacturing data continued to expand, GDP first quarter was revised from an initial -0.7 percent to a positive 0.6 percent with an initial +2.3 percent reading for Q2 GDP, Case Shiller 20 City Composite home prices expanded a healthy 4.9 percent year-over-year in May, and the S&P 500 is positive for the year. Emerging Markets on the other hand are struggling, including China's financial market turmoil, Brazil's recent S&P credit outlook lowered to negative, Puerto Rico defaulting on its debt, and markets in Greece in a free fall. The Fed says they only look at U.S. inflation and employment data in deciding whether to hike rates and Friday's upcoming nonfarm payrolls will likely bolster the case for a near term rate hike, unless of course Fed Chair Yellen is not truly oblivious to problems overseas, says Voya Global.
