CAPITAL MARKETS REVIEW Raymond James（资本市场回顾Raymond James）.pdf

CAPITAL MARKETS REVIEW REVIEWING THE QUARTER ENDED JUNE 30, 2017 1 Table of Contents Economic Review… 3-9 Capital Markets… 10-21 Quarterly Themes… 22-27 • Gross Domestic Product • Index Returns • The Byte-Sized Economy • Employment • Asset Class Returns • The Future of Fuel • Inflation • SP 500 Sector • Economic Growth: China • Housing Market Returns • Consumer Confidence • Equity Styles • U.S. Treasury Yield Curve • Fixed Income Yields • Global Sovereign Debt Yields • SP 500 Yield vs. Treasury Yield • SP 500 Valuations • Foreign Exchange Rates • Commodity Prices 2 Economic Review GROSS DOMESTIC PRODUCT Real gross domestic product (GDP) increased at an annual rate of 1.4 percent in the first quarter of 2017, according to the third estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent. Quarterly Change in Real GDP , 8 % (