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From: Morris, Paul V| Sent: 1/5/2017 3:31:54 PM To: Morris, Paul V cc: Lehane, Sean T Subject: The Year Ahead: A World of Change (Short Version Below For Convenience) Attachments: image001.jpg; image003.jpg; image004.jpg; image005.png; image006.jpg The Year Ahead: A World of Change A continued rise in equities. Renewed investor confidence. Bond markets under pressure. Our Chief Investment Office explores the risks and opportunities of these and other trends shaping the year ahead. x PanAS WE LOOK BACK ON 2016, one could characterize it as The Year of The Unlikely. It began with deep worries regarding China’s growth path, a second wave of collapsing oil prices, a Federal Reserve (Fed) hiking into deflationary headwinds, the impact of negative interest rates in Europe and Japan, concerns over a potential U.S. recession, lower-quality corporate HOUSE_OVERSIGHT_014525