From: US GIO To: Undisclosed recipients:; Subject: IPM View 04.27.2012 Date: Fri, 27 Apr 2012 19:40:57 4.0000 Attachments: JPM_View_04.27.2012-pdf.zip Inline-Images: image0M.png J.P.Morgan The J.P. Morgan View The paradox of austerity • Awl Allocation Ilte shallmoseis niche tonnetion in risk ions and the lack of awns:Iwo! reason to ts o %boo will blrlv pan U355551015 Oat in creating footles tipsolc met cmato swaths • Comicmalos — Dna sue melon"! a mild decelerators of plots's' moth m 9: OVIS ex e', anyaeottes Salad onautaytion dna arc taw? us dos stood:on :bold Iv temporal, and as woad as up for boot stain an • FLud boom —Era tbsatato beam's Ens° lea tallyho...h. • EA/MIS—TM tepormit wade delwensd ninth/sant peonve no:lose, in loth the CS sod Europe • Cita — Wes now to awkenvespht EMS anveteomi moan althorn SLXOESI newsman oar a pees unrdnieut oopotturnhi. • Foreign exchange— Rol e a map strould keep L'istisIPT mien SOL • Commodities — C NIS bmk Nosy tWl wryest:in pea • RH: rurket• rebounded 'tinned:en renamed **xi DS mums a one yottne FOMC. and an OF. halo 5010 30,31051 The dollie eased nixteuly at law withal. ode-stow mon %tale boob are tarty usschanded Global equities reown oltind 2`t below awn 11D mime Muds • thsvn the sews flea Mu Ara aslwh eC512.11:1bed a be ',Ira:local trevocnk. how Lwow and as Wank impose oa I:St:Limo oew amid have eafeeted risk miters to have holed lower this ewe* We lice to @vermin she seas 5UVKIVIlle nor view lha the awn &net of ttwc yeas tally b ctrdu and equine, will be a onto of good vrnm. oar a lack of eneenh led oral felony to de solo she altretsty priced too onkel. Toms this IMO F115111(< ialfOll task ta Met ton tislcorcusta art es en !Isobel. • Thin drategi depnals ar lit Cathie force "tic's we Loot die not soot seLably how weekto steel: tot tan to Le assessed mask"! Louth boo &to of now tactical dam: en low covered thou loop. musk acids recently ea event rid us Eittope and so hoe awn' of ou