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When economic data is good and consumer confidence reaches its highest level since 2001, U.S. equities have momentum on their side. Last week the S&P 500 Index climbed 0.7% as the ISM non-manufacturing index showed that business activity and employment trends are improving. As the economy improves, the Federal Reserve will likely move interest rates higher later this month. Investors are cheering this environment but we believe equity markets have gotten ahead of themselves.
