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The Great Decoupling

Third Quarter Commentary 2014

The main themes of diverse and uncoupled global economies are intact as we enter the final three months of the year. In the United States, good deflation boosts consumer incomes, while in the Eurozone, bad deflation weakens the banking system.

From a global perspective, the recovery remains weak, monetary policy support is extraordinary, equities are still well supported despite the early October correction, inflation and “safe” bond yields are at historically low levels — and deflation means different things for the U.S. and the Eurozone.

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