There could be Greece fatigue. Europe and the rest of the world have discounted failure and seems ready to move on. This is what the price action of the last two days suggest, but we view that the ramification for central bank behavior and risk averse trading are significant. Hard to argue for Fed action with the Greece overhang. Tightening delay and RO/RO trading back. Yet, behind this backdrop is strong growth in the US and the developed world that is providing some tailwinds for higher asset prices.
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