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Business Cycle Indicators: Mixed Messages in Economic Data
• GDP forecasts for 2012 have stabilized, but risks tilt to the downside on Eurozone anxieties.
• Global PMI data have edged downward with U.S., China, Eurozone all showing sub-50 readings.
• Periphery spreads in the Eurozone have narrowed on optimism of the new backstop program, the OMT.