Don’t worry too much about the recent drop in the equity markets. The drop is likely to be temporary, according to BMO Harris Private Banking’s latest Market Commentary report.

The firm is sticking to its cautiously optimistic 12-month outlook despite economic turmoil in Europe and anxiety over the much talked about “fiscal cliff,” the anticipated and potentially disastrous spill an ailing U.S. economy will take if Congress is unable to prevent $600 billion in automatic spending cuts and tax hikes from going into effect in January.

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