Richardson GMP
JULY 2015

Find out where the Jefferson | Steele team likes to go for summer fun...

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Market Overview: Second Quarter 2015

Central bank action was a dominant theme this quarter. While the ECB and Bank of Japan maintained their massive stimulus programs, the Federal Reserve, bolstered by mostly positive economic data, continued to signal for an interest rate hike sometime this year. If, when and by how much rates may rise, continued to be key questions on investors’ minds.

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The Federal Open Market Committee:
Ready, set, hike

We don’t know if the Fed will increase the overnight rate at one or more of their meetings in September, October or December, but we do believe that they should. The markets have been enjoying ZIRP (zero interest rate policy) for over six years and have developed a certain amount of reliance or dependency  on super easy monetary policy.

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Crease controversy again in Vancouver

by Mack Irwin

For the third straight season, the Canucks will ice a new goaltending duo in September when the season starts. They recently traded Eddie Lack,their popular and effective backup goalie, to the Carolina Hurricanes. In doing so, the Canucks sent two clear messages: one, that the club believes in Ryan Miller as their top net minder; and two, that they see Jacob Markstrom as being ready for full-time NHL duty.

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Q3 2015 Market Outlook Quarterly:
Passing the Baton

Markets have been flat so far this year, largely due to wrestling matches with a Grexit, bubbles in China, soft economic data and Iran dealings. While none have sounded the “all clear” signal, all have made significant progress over the past month. If these ‘macro’ factors fade from the market’s perspective, what is next?

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Dwight Jefferson, CIMA®
Senior Vice President
Portfolio Manager
Tel.: 604.640.0555 • Email

Tyler Steele, CFA
Senior Vice President
Portfolio Manager
Tel.: 604.640.0554 • Email

Paul Rietkerk, CIM, FMA
Portfolio Manager
Tel.: 604.640.0562 • Email

Neil Kumar
Associate Investment Advisor
Tel.: 604.640.0406 • Email

Wendy Lloyd
Tel.: 604.640.0556 • Email

Jessica Dewey
Tel.: 604.640.0405 • Email

Brenda Geib, BA
Tel.: 604.640.0559 • Email

Richardson GMP Limited
500 – 550 Burrard Street
Vancouver, BC V6C 2B5

Toll Free: 1.866.640.0400
Fax: 604.640.0300

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The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.