Epstein Secrets

nd Turkey and later in the year in Israel, but continuing to come down in Russia. In Asia, in sharp contrast to past Fed cycles, we expect only the Philippines will see rate hikes in 2016. Instead, we expect central banks in China, India, Indonesia and Taiwan to cut rates. By implication, interest rate di

t that high. Meanwhile, our outlook for growth to remain near 1.5% in the euro area is close to alternative forecasts from the IMF, Bloomberg and Consensus Economics. Figure 4: In-line global growth forecasts mask regional differences Consensus Forecast table, GDP growth, % Global DB (Jun'15 WO) DB (Current)

st. 2013 global GDP growth forecasts: JPMorgan and Consensus 3.4 39 Consensus 2.9 JPM 27 2.4 Jan-12 Apr-12 Jul-12 Oct-12 Source: J.P. Morgan, Consensus Economics. Consensus Economics forecasts are for regions and countries that we averaged using the same 5-year rolling USD GDP weights that we use for our own g

T 3.0 3.0 40 40 41 45 3.9 2.2 Korea 3.6 23 3.2 25 1.1 0.6 35 3.0 40 45 40 24 19 3.0 Malaysia 51 5.0 t 3.7 t 58 59 25 3.5 T 3.5 T 3.0 3.5 3.2 d 1.1 2 Philippines 3.8 53 35 12.6 0.9 12 2 45 45 45 47 29 23 23 Singapore 49 154 2.54 95) -07 3.90 3.24 49. 1.6 T 41 55 53 4.5 T 4.0 T Taiwan 4.0 12 34 1.6 22 SS 3.8 55

prices. J.P.Morgan 2013 Japan GDP growth forecasts: JPMorgan and Consensus 1.2 Consensus JPM Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Source: J.P. Morgan, Consensus Economics. Consensus Economics forecasts are for regions and countries that we averaged using the ne 5-year rolling USD GDP weights that we use for our own gl

Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asia ex Japan China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Africa/Middle East Israel South Africa Europe Euro area Germany France Italy Spain United Kingdom Emerging Europe Bulgaria