EFTA Document EFTA01459020

tin mmilimm Ftcm. INtbc, ;404 WM:MAU:Mt t,*ic light, Asst..1:ms Nrsinc.04os Pr..frol.0 The big picture Our strategic forecasts Just as in 2015, capital markets are under the spell of central banks. But 2016 will be the year of reckoning. The Fed will have to lead the way and demonstrate that monetary policy can indeed be normalized. Stefan Kreuzkamp, Chief Investment Officer Economic data ;22-4*.e0 0mi/I 2.2 di 2.4 Eumnrync 1.4 1.6 Urnt0 Kegdorn 2.5 2.2 21410n OM 0 1.2 C