EFTA Document EFTA01459045

We expect the Fed to raise rates gradually in 2016, before moving to faster hikes as the forces for going slow fade... Main drivers for the Fed Global growth Labour market strength Dollar strength Low oil prices Richer rates Deutsche Bank Researdi • Moderate pace • Marginal pick-up in 2016 and 2017 • At full employment, to tighten more • Wage inflation low but rising * +25% since mid- 2014 • Further strength, at slower pace • -50% in 2014, -25% in 2015 • Limited furth