EFTA Document EFTA01459636

8 February 2016 US Equity Insights No fed hikes in 1H16, but slow hikes will come eventually Strong jobs and falling UE despite still slow GDP justifies Fed hikes by Sept. This likely boosts the dollar a bit more, keeps US inflation very low and flattens the yield curve. If a strong dollar and some slow hikes stave off rising unit labor costs, then, given scant long-term real interest rates globally, the FF rate and 10yr yield are likely plateau well below historical norms this cycle. Thi