Look at the US, not Greece

IN a significant instance of analytic myopia, many market observers have been laser-focused on the latest news out of Greece, while the much larger story of the solid and improving US economic recovery goes largely unmentioned.

Or, rather, negative headlines surrounding the Greece situation combine with the relatively weaker first-quarter and early second-quarter data in the US to provide cover for excessively pessimistic evaluations of the economy.

That pessimism, in our view, is not only unwarranted, it is in fact dramatically off-base.