Epstein Secrets

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

k of England supports equities. Key date: 8 Nov, Bank of England policy meeting 2 UBS Recommendations Tactical

ding to market capitalization. Developments in commodity prices affect earnings estimates. Commodity prices Policy action Loose monetary policy by the Bank of England supports equities. Key date: 8 Nov, Bank of England policy meeting 2 UBS Recommendations Tactical (6 months) e The UK offers an attractive 4% di

to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg https:/Awww.bloomberg.com/news/articles/201 7-10

Accountability & Reflection As the Governor of the Bank of England Mark Carney said in 2015, the “crisis and its af

Settlements BLS: Bureau of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth

and the resulting consensus view that the UK was destined for recession. Although the 20% decline in the trade-weighted sterling and rapid easing by the Bank of England were no doubt pivotal in avoiding that fate, the immediate impact of the Brexit referendum has been far less destructive than feared. But as we begi

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

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& Source: Bloomberg Source: Bloomberg The other fixed income trade we continue to like is short 5Y UK real rates. The market continues to discount the Bank of England consistently overshooting its inflation target without a response on monetary policy. Yet Governor Carney and other members of the BOE’s MPC have sai

1 1 1 1 1 i i 5 10 15 20 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.mo

ream of the tumbling equity market. President Obama’s re-election perhaps also diminishes expectations of a change in course at the Fed. The ECB and the Bank of England stood pat at their policy meetings this week, but the latter delivered a curveball today, announcing that its net coupon income from QE would be tran