Epstein Secrets

ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -

0.5 0% 50 -1.0 0 15 e% 0 , # of meetings into tightening cycle -2.0 4% Q2-2013 Q1-2014. Q4-2014 = Q3-2015 — Q2-2016 Source: Federal Reserve Board, Bureau of Economic Analysis Nevertheless it is not our central scenario in part because there is a risk that much of a Trump surge could be bad for growth. As we noted above th

r Es a 4 oe Ses 2 Fea f = 2 22 3 sf SE a te ge < = 2 zs eer 8 = = 3 wn New Zealand Data as of December 31, 2016. Source: Investment Strategy Group, Bloomberg. Czech Republic South Africa 60 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014593 --- PAGE BREAK --- incorporates this view, as we are neutra

of 2017. Outlook | Investment Strategy Group 79 HOUSE_OVERSIGHT_014612 --- PAGE BREAK --- Abbreviations Glossary ACA: Affordable Care Act BEA: Bureau of Economic Analysis BIS: Bank for International Settlements BLS: Bureau of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth rate

eduction could be claimed in the tax year beginning before or after the passage date in Oct. 2004. Approximately $300bn was repatriated, according to the Bureau of Economic Analysis (BEA)’s U.S. International Transactions Accounts Data, vs. an average of S60bn over the prior five years. The IRS estimates’ that 843 US companies to

0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA