One key difference between the current economic trends and last spring: this time slow growth seems most likely in the United States, the United Kingdom and Japan, while the rest of the world is holding up better, says BlackRock’s Bob Doll. Consumers are bringing down debt faster than expected in the United States and United Kingdom, while Japan is suffering from the aftermath of its earthquake.

The end of the Fed’s QE2 are largely priced into markets, Doll says. “QE2 has been a tailwind for stocks, but only one of many...It is possible that we will see a modest rise in bond yields when the program ends, but yields have moved lower in recent weeks anyway,” he wrote in Tuesday’s weekly report. 

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