HOUSE_OVERSIGHT_014538

i _2e.. — ime) \ \ ee ee a SSR Vee \ aa eee PS eee | a SECTION II: WINDS OF CHANGE SECTION IIl: THE HORNS OF A DILEMMA 36 2017 Global 4s 2017 Financial Economic Outlook Markets Outlook The winds of change should fill the sails of We expect the bull market ride to continue, the ongoing global recovery in 2017. but we must stay vigilant to avoid the horns. 38 United States SO US Equities 42 Eurozone 56 EAFE Equities 44 United Kingdom 56 Eurozone Equities 44 Japan 57 UK Equities 45 Emerging Markets 58 Japanese Equities 59 Emerging Market Equities 60 Global Currencies 64 Global Fixed Income 74 Global Commodities Outlook | Investment Strategy Group 5 HOUSE_OVERSIGHT_014538