Given signs of inflation QE ends in June taking wind out of the S&P. The fiscal year for S&L govts starts in July and big tax hikes and spending cuts are due. State restraint is already visible in reduced employment. In Oct federal spending cuts commence as fiscal ’12 begins. In Q1 ‘12, we will see headwind as the payroll tax cuts and bonus depreciation allowances that expire at the end of ‘11 won’t be extended.