Our forecasts

Macro

_{* Source Bloomberg Finance L.P. as of 11/30/17} ¹_{Core rate, personal consumption expenditure Dec/Dec in % (no average as for the other figures) F refers to our forecast as of 11/16/17 WTI = West Texas Intermediate LME = London Metal Exchange}

_{The arrows signal whether we expect to see an upward trend , a sideways trend or a downward trend .}

Equities

_{* Sources: Bloomberg Finance L.P., FactSet Research Systems Inc. as of 11/30/17} ¹ _{Expected total return includes interest, dividends and capital gains where applicable} ² _{Revised target as of 12/4/17} ³_{Total-return index (includes dividends) F refers to our forecasts as of 11/16/17}

_{Equity indices, exchange rates and alternative investments: The arrows signal whether we expect to see an upward trend , a sideways trend or a downward trend . The arrows' colors illustrate the return opportunities for long-only investors. positive return potential for long-only investors. limited return opportunity as well as downside risk.negative return potential for long-only investors.}

Fixed Income

_{* Source: Bloomberg Finance L.P. as of 11/30/17} ¹_{Current-coupon spread vs. 7-year U.S. Treasuries} ²_{Spread over German Bunds F refers to our forecasts as of 11/16/17 bp = basis points}

_{Fixed Income: For sovereign bonds, denotes rising yields, unchanged yields and falling yields. For corporates, securitized/specialties and emerging-market bonds, the arrows depict the option-adjusted spread over U.S. Treasuries. depicts a rising spread, a sideways trend and a falling spread. The arrows' colors illustrate the return opportunities for long-only investors. positive return potential for long-only investors. limited return opportunity as well as downside risk.negative return potential for long-only investors.}

_{* Source: Bloomberg Finance L.P. as of 11/30/17 F refers to our forecasts as of 11/16/17}