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earnings data for production and nonsupervisory employees, ~80% of the private sector, is available back to 1964. Source: Investment Strategy Group, Haver. Source: Investment Strategy Group, Haver. Of course, the recent backup in interest rates is providing equity investors with another source of angs
Page: HOUSE_OVERSIGHT_026897 →ieve it is likely to be ratified. US-EU Trade Friction: Tension between the US and European Union eased significantly after a July 2018 deal between European Commission President Juncker and President Trump to “work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods
Page: HOUSE_OVERSIGHT_026900 →es. HOUSE_OVERSIGHT_026905 --- PAGE BREAK --- Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘Remarkably Positive Set of Economic Circumstances,” The Wall Street Journal,
Page: HOUSE_OVERSIGHT_026906 →Investment Strategy
asset class also received a boost last week when the European Commission submitted a proposal for AT1 coupons to be priori
1000 60 900 40 800 =— Percentage of Countries with J. ——MSCI EM, RS 20 700 1/11 1/12 1/13 1/14 1/15 1/16 Source: BofA Merrill Lynch Global Research, Haver, Bloomberg Chart 29: EM cyclicals outperform as China’s NOMINAL GDP recovers. More to go. eee SCI EM cyclicals/EM defensives price index, LS 180 =
Page: HOUSE_OVERSIGHT_014447 →1% | 0% t t t t t t t t t t t t t t 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Source: Investment Strategy Group, Haver. Of course, the recent backup in interest rates is providing equity investors with another source of angst. Yet our work suggests there are several
Page: HOUSE_OVERSIGHT_026912 →ieve it is likely to be ratified. US-EU Trade Friction: Tension between the US and European Union eased significantly after a July 2018 deal between European Commission President Juncker and President Trump to “work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods
Page: HOUSE_OVERSIGHT_026915 →Entities connected to both Haver and the European Commission

Donald Trump
PERSON
United Kingdom
LOCATION
United States
LOCATION
Barack Obama
PERSON
Michael Bloomberg
PERSONthe Dubai Financial Services Authority
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Seoul
LOCATION
Chile
LOCATIONthe Prudential Regulation Authority
ORGANIZATION
Marc Rich
PERSON
Goldman Sachs
ORGANIZATIONThe Monetary Authority of Singapore
ORGANIZATION
U.S. Treasury
ORGANIZATION
Frankfurt
LOCATION
Datastream
ORGANIZATION
Malaysia
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Kuwait
LOCATION
Columbia University
LOCATION