Commentary As the first quarter of...

Commentary

As the first quarter of 2003 unraveled prospects for the economy became abundant more guarded, with the risk of a double-clip recession gaining attention. This deterioration can be attributed to a number of downside forces and the absence of any major, sustainable rallying point. individual major downside force is the geopolitical risk. This risk is multifaceted, including military conflict as well as the threat of terrorist activity. Another downside force is the fact that the previous puissance in the economy was built largely onward consumer buying and low interest rates. Unfortunately consumer exuberance has proven unsustainable, with the cumulative