CIO Insights - August 2016 Macroeconomics 5 MACROECONOMICS The impact of uncertainty Uncertainty regarding the Brexit referendum result is likely to burden economic development in the UK - and the Eurozo

h Fed and other key central bank meetings, to French and German elections next year. 3 LE77E:R TC. INVESTORS Binary vs. broad- path thinking 5 MACROECONOMICS The impact of uncertainty 6 MIR7i AsSEL Recalibrating strategy 9 EQUITIES The continuing appeal of the U.S. 11 .x..1) iIE(.1.1N111 Monet