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01/14 01/16 Private Investment 08 —— Surveys & Business Cycle Indicators 9———=Hard Data = Government consumption & investment 4 Qi Q2 Q3 Qs Source: BofA Merl Lynch Global Research, Bloomberg Source: Cleveland Federal Reserve We continue to believe in the reflation theme because: 1. Strength in the global economy is genuine -
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Jeffrey Epstein
PersonAmerican sex offender and financier (1953–2019)

Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)
Amanda
PersonFemale given name
Richard Kahn
Person
Global Equities
Organization
Draghi
Person
Michael Bloomberg
Person
BofAML
OrganizationEuro Area
LocationRussell Quelch
Person
Juliette Nichols
PersonSOC GEN
OrganizationIntesa
Organization
Unicredit
OrganizationItalian global banking and financial services company
Erste
OrganizationEuropean Financials Merrill Lynch
OrganizationBofA Merill Lynch Global Investment Strategy
OrganizationCleveland Federal Reserve
OrganizationEuropean Banks
OrganizationGenerali
Organization