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es LLC, member NYSE, FINRA and SIPC. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Securities LLC or its brokerage affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an under
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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ivities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are
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nd its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities p
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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tivities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, NA, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are
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ivities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are
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cy of research, client feedback, competitive factors, and overall firm revenues. Other Disclosures J.P. Morgan ("JPM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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10 68% Cash, securities & borrowing capacity of gov't employee retirement and other funds (as of May 16) Debt 8 Source: US Departmentof the Treasury, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. 50 How much is left (as of July 8) 0 Source: Stone & McCarthy. Gov'tfunds include G-Fund, Exchange Stabilization Fund and
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC and Chase Investment Services Corp., (CISC) member FINRA and SIPC. Securities products purchased or sold through
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gies discussed may not be suitable for all investors. In the U.S., securities are offered by J.P. Morgan Securities LLC member FINRA, NYSE, and SIPC. J.P. Morgan Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a marketing name for private banking business conducted by J.P. Morgan Ch
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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
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rmand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 nik
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gies discussed may not be suitable for all investors. In the U.S., securities are offered by J.P. Morgan Securities LLC member FINRA, NYSE, and SIPC. J.P. Morgan Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a marketing name for private banking business conducted by J.P. Morgan Ch
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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nd its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities p
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nd its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities p
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ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation
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JPMorgan Chase
OrganizationAmerican multinational banking and financial services holding company

Michael Cembalest
Person
Barack Obama
PersonPresident of the United States from 2009 to 2017

Bill Clinton
PersonPresident of the United States from 1993 to 2001 (born 1946)
J.P. Morgan U.S. Private Bank
Organization
Bundesbank
OrganizationCentral bank of Germany (1957-)

Empirical Research Partners
Organizationthe European Monetary Union
Organization
Michael Bloomberg
Person
Al Gore
PersonVice President of the United States from 1993 to 2001 (born 1948)

Bureau of Labor Statistics
OrganizationUS government agency

Moody’s
OrganizationEnglish brand for sailing yachts

Venezuela
LocationCountry in South America

Outlook
OrganizationMicrosoft free web-based email service

Angela Merkel
PersonChancellor of Germany from 2005 to 2021

Ronald Reagan
PersonPresident of the United States from 1981 to 1989 and actor (1911–2004)

Eurostat
OrganizationStatistics agency of the European Union

the Institute of International Finance
Organization
Mitch McConnell
PersonAmerican politician and lawyer (born 1942)
Liquidity Hospital
Organization