EFTA00355820.pdf

From: "Standard & Poor's Ratings Services" <info@ratingsinfo.standardandpoors.com> To: < Subject: From Beth Ann Bovino: S&P's U.S. Weekly Economic Roundup: A Spoonful Of Patience Date: Sat, 20 Dec 2014 01:19:39 +0000 Click here to view on a mobile device or as a webpage. REconomic Research U.S. Weekly Economic Roundup: A Spoonful Of Patience December 19, 204 Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services Dear colleague, e Federal Reserve's forecasts for the economy following the latest Federal Open arket Committee (FOMC) meeting show slightly improved near-term numbers for real DP and the unemployment rate. As expected, fed funds policy rates were unchanged. Lower energy prices were waved off as transitory, and the committee expects inflation to e gradually toward 2% as the labor market improves further. The FOMC changed its orward guidance to indicate that it can be "patient" in beginning to normalize monetary icy, which it emphasized is consistent with its previous guidance that rates will be nchanged for a "considerable time" after the end of quantitative easing. We continue to ncil in June 2015 for the first hike in the fed funds rate. To access this week's full report and view additional economic research, please visit www.SPRatings.com/EconomicInsights. If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 Visit SPRatings.com, a free, interactive, and informative portal to access highlights from our credit research offerings. Consider this your portal to perspective: www.spratings.com. Regulatory Affairs and Disclaimers I Privacy and Cookie Notice I Terms of Use EFTA00355820 Copyright O 2014 by Standard & Poor's Financial Services LLC. No content (including ratings, credit•related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as Ise basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FORA PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, Indirect, Incidental, exemplary. compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses. including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not ad as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes. S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. Asa result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses. normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and vinvwsatingsdirecteom and www.globateredltportalsom (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoora.comiusratingsfeas. Australia Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services license number 337565 under the Corporations Act 2001. Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. To manage your Standard & Poor's Ratings Services subscription preferences, please click here. If you do not wish to receive any more promotional e-mails from Standard & Pooes Ratings Services, please click here to unsubscribe. Standard & Poor's Ratings Services. 55 Water Street, New York, NY 10041 EFTA00355821