EFTA Document EFTA01451126

(4) Bullish European Recovery. Note: Periphery spreads have collapsed, favor equity and real assets. Bullish SMID cap equities. Bullish Germany (DAX 11,000) (5) Bullish USD. Bearish Euro. The year it finally fumbles (6) Rates - Syr part of the curve should sell off further, short end stays anchored through mid 2015, back end has steepened/fairly valued at present. (7) Inflation - upside risk to inflation long-term given the Fed's tolerance for inflation short-term and the sheer magnitude o