It was only a few short months ago when the Eurozone was in the midst of a liquidity crisis that felt like it was about to morph into a global contagion. And despite the initial widespread skepticism around the efficacy of the Long Term Refinancing Operation (LTRO), it clearly provided the necessary liquidity for the European banking system. Once those fears subsided, the market redirected its concerns from the European sovereign debt crisis to a number of economic indicators in the U.S., the world’s largest economy.

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