Epstein Secrets

uities could go nowhere for years to come. Fixed Income • Yesterday was a study in central bank contrasts, with the ECB sitting on its hands, while the Bank of Japan launched the most aggressive easing at a single meeting by any G-4 central bank. The BoJ surprise came in both the size of its programme — it will

nd growth given the weak payroll number but we think the selloff in oil is overdone and expect Brent to recover. Jan Loe s JPMorgan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Pani irtzoglou J.P. Morgan Securities plc Seamus Mac Gorain EFTA00628227 J.P. Morgan Securities plc Matth

than trend shifts. • Last week, we raised our USD/JPY forecasts from a 2013 range of 75.85 to a range of 80-90. We have always been sceptical that the Bank of Japan would be able to drive up Japanese inflation and drive down real yields versus the US to power USD/JPY higher throughout 2013, but there is no deny

and important disclosures. Global Asset Allocation 04 January 2013 Global Asset Allocation Jan Loeys AC (1-212)834-5874 JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-20)7134-7761

yst certification and important disclosures. Global Asset Allocation Jan Loeys AC (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities ple Nikolaos Panigirtzoglou (44-20) 7134-7815 nikolaos.panigirtzoglou@jpmorga

lar to QE itself. Beyond that, this is another small step towards perceptions that monetary policy is no longer independent from fiscal policy, like the Bank of Japan’s joint statement with two government ministers last month. Nobody knows the tipping point at which these perceptions feed into much higher inflation e