tal Market Outlook, and feel free to contact us with any questions you have about our market views. Sincerely, Paul This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This i

et commentary and provided solely for marketing and information purposes. Opinions expressed herein are those of UBS Wealth Management & Swiss Bank's Chief Investment Office. The information does not constitute UBS financial research. The statutory regulations regarding independence of financial research are not applicabl

distribution of this document. This report is for distribution only under such circumstances as may be permitted by applicable law. In developing the Chief Investment Office economic forecasts, ClO economists worked in collaboration with economists employed by UBS Investment Research. Forecasts and estimates are current o