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on fay) Mark Landler and David E. Germany, Japan, the United Sanger, “Trump Speaks with States and the United Kingdom Taiwan's Leader, an Affront 0 depreciate the US dollar in to China,” New York Times, relation to the Japanese yen December 2, 2016. and German Deutsche Mark by intervening in currency markets. Source: Jeffrey Frankel, “The Plaza Accord, 30 Years Later,” Harvard Kennedy School, December 10, 2015. 112. Stu Wood, Rick Carew and Eva Dou, “SoftBank to Buy ARM Holdings for $32 Billion,” Walt Street Journal, July 18, 2016. Kate O'Keeffe and Damian Paletta, “Tensions Linger Over Seizure of Survey Drone in South China Sea,” Wall Street Journal, December 18, 2016. Based on aggregated balance sheet data for the Federal Reserve, European Central Bank, Bank of Japan, Bank of England, Swiss National 113. Since April 1946. Bank and People’s Bank of . nee _ China. Source: Bloomberg, 114. Karen Reichgott, “Fiscal Policy: Datastream! A odest Boost to Globa Growth in 2017," Goldman . Federal Reserve Board Chair Sachs Global Investment Janet Yellen, exchange with Research, December 8, 2016. ABC News reporter Rebecca pa 5. Sources: Citi, Barclays, Morgan Jarvis, December 2015. Stanley, JP Morgan. . Federal Reserve Chair Janet 8. Bank of America, “2016 Sted oe ee Qutlook: May the Odds Be Ever y ie Be in Your Favor,” November 24, delivered at the Economic Club 2015 of Washington, December 2, : 2015. 7. Matthew Jozoff and Alex Roever, “US Fixed Income arkets — 2017 Outlook,” JP organ, November 23, 2016. 8. Lofti Karoui, “Credit Notes: , Sa eataea ue survey. AINE: While Cael a) Elbe ; in 20 Charts,” Goldman Sachs . Based on Goldman Sachs Global Investment Research estimates. . Arnold Palmer, www. Global Investment Research, arnoldpalmer.com/bio. December 20, 2016. . Beginning in September 1945. 119. Rating agencies referenced are oody's, Standard & Poor's and Fitch Ratings. . Elray Dimson, Paul Marsh and ike Staunton, Triumph of the Optimists: 101 Years of Global 120. Yang-Myung Hong, Alisa investment Returns, Princeton eyers and Zubair K. Syed, University Press, 2002. © 2013 “2017 Outlook — Clouds of Elroy Dimson, Paul Marsh and Uncertainty Shroud the Outlook ike Staunton. As cited in in Fat Tails,” JP Morgan, Credit Suisse Global Investment ovember 2016. Returns Yearbook 2013, February 2013. 121. Standard & Poor's, Rising nterest Spreads, US . December 2016 FOMC Corporates Would Fare Better Statement of Economic han Others,” December 2016. nen Haj eteeS, 122. Data is from Baker Hughes rig . Peter Oppenheimer, “Fat & counts. Flat’ with a Resurgence of Divergence,” Goldman Sachs Global Investment Research, December 5, 2015. . Anna Kitanaka, Yuji Nakamura and Tashiro Hasegawa, “The Bank of Japan’s Unstoppable Rise to Shareholder No. 1,” Bloomberg, August 14, 2016. . As evidenced by SoftBank’s recent pledge to invest $50 billion in the US. Michael J. de la Merced, “After Meeting Trump, Japanese Mogul Pledges $50 Billion Investment in the U.S.," New York Times, December 6, 2016. . The Plaza Accord was an agreement between the governments of France, West HOUSE_OVERSIGHT_014616