97. Mark Landler and David E. Germany, Japan, the United Sanger, “Trump Speaks with States and the United Kingdom Taiwan's Leader, an Affront to depreciate the US dollar in to China,” New York Times, relation to the Japanese yen December 2, 2016. and German Deutsche Mark 98. Kate O'Keeffe and Damian by cae ate i) Tee Paletta, “Tensions Linger Over re i" laters oe ey 4.30 soll Siig itis i Years Later ” Harvard Kenned South China Sea,” Wall Street sana Teeember 10, 2015 Y Journal, December 18, 2016. ‘ ‘ : 99. Based on aggregated balance Mee, ‘itl oe SNCs Cig l tee sheet data for the Federal dea, Se Bante =u ee Holdings for $32 Billion,” Wall seal ie ave eel a Street Journal, July 18, 2016 Bank, Bank of Japan, Bank BONN) Me : of England, Swiss National 113. Since April 1946. Five, dane Elcaaiang 114. Karen Reichgott, “Fiscal Policy: Datastreamt A Modest Boost to Global Growth in 2017," Goldman 100. Federal Reserve Board Chair Sachs Global Investment Janet Yellen, exchange with Research, December 8, 2016. Hae euro 115. Sources: Citi, Barclays, Morgan Stanley, JP Morgan. 101. Federal Reserve Chair Janet tam Yellen, “The Econamic Qutlaok (Bs sei em ele oo Qutlook: May the Odds Be Ever codeine ala) eyezer in Your Favor,” November 24 delivered at the Economic Club 2015 ‘ ‘ of Washington, December 2, : 2015. 117. Matthew Jozoff and Alex Roever, “US Fixed Incame 102. Based on Goldman Sachs : 4 Global Investment Research None Re es estimates. Gel ‘ : 118. Lofti Karoui, “Credit Notes: a eee survey. ze Es es : in 20 Charts,” Galdman Sachs 104. Arnold Palmer, www. Global Investment Research, arnoldpalmer.com/bio. December 20, 2016. 105. Beginning in September 1945. 119. Rating agencies referenced are 106. Elroy Dimson, Paul Marsh and est e maar a. Mike Staunton, 7riumph of the and ritcn natings. Optimists: 101 Years of Global 120. Yang-Myung Hong, Alisa investment Returns, Princeton Meyers and Zubair K. Syed, University Press, 2002. © 2013 “2017 Outlook — Clouds of E