Epstein Secrets

onomics team continues to believe inflation comes after growth and therefore isn't a threat to this cycle of easy monetary policy. We expect the Fed, European Central Bank and Bank of Japan will continue to promote "easy money." There is going to be an inflation shock that will come with accelerating growth-we just don'

loomberg. Data as of November 2012. U.S. inflation is not yet troubling U.S. CPl YoY NSA 4% 3% 2% 1% 0% -1% -2% -3% 2009 2010 2011 Source: Bloomberg, Bureau of Labor Statistics. Data as of November 2012. 2012 Now what? We invest with a 12-month outlook, but also take advantage of short-term trading opportunities. But to borr

conditions supportive of growth. While we expect the European Central Bank (ECB) to gradually shift to a more neutral stance

cation technology, due to the methodology used by the Bureau of Labor Statistics (BLS) and the BEA. If the price indices do not ad

h Partners. Source: CBO, BEA, OMB, J.P. Morgan Private Bank. ' Our chief economist Michael Vaknin has analyzed the various seasonal adjustments that the Bureau of Labor Statistics uses when it reports payrolls. After adjusting for better weather, the Lehman shock and other factors, payroll growth does not look quite as good as

ancesca Tondi, March 15, 2012 The ECRI (Economic Cycle Research Institute) claims papal infallibility on its historical recession predictions. ECB = European Central Bank. EMU = European Economic and Monetary Union The material contained herein is intended as a general market commentary. Opinions expressed herein are