Epstein Secrets

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

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as of November 2012. Global manufacturing and services survey J.P. Morgan Global Composite PMI 65 60 55 50 45 40 35 30 + 2009 2010 2011 2012 Source: J.P. Morgan Securities LLC, Bloomberg. Data as of October 2012. 1 HOUSE_OVERSIGHT_030840 --- PAGE BREAK --- market thoughts Our core macro view remains that the global econom

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'

nd its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities p

ributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT_031163 --- PAGE BREAK --- IF Institute of International Finance ECB European Central Bank EMU European Monetary Union AMT Alternative Minimum Tax A White Castle hamburger is smaller than its competitors' offerings, measuring 2.5 inches squ