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 Table Of Contents

February 2017


11 / If Mr. Trump
does what he
promised to do,
there’s no way
we will get a
strong US Dollar

17 / Fundamental
oil data, on
balance, suggest
lower crude oil
prices in H1 2017,
but show likely
higher prices by

14/ MJT Insight

 Full Documents
Research themes
Global Macro
Global Markets
Fixed Income

07 / MJT Insight

23 / Housing:
expect a final
frenzy of good
news as lastminute
lock-in still low
rates, but it will
not last

20 / MJT Insight

25 / MJT Insight

“Car sales have been weakening, housing
has been slowing down, the debt levels are
extremely high, and short-term interest
rates are going up, so it’s hurting some
sectors of the market which are interest
rate dependent. And I think the economy
by and large will disappoint in the next
three months. Let’s say the Fed realizes
that the deficits for the U.S. go up and
that interest rates increase and that the
economy slows down, do you really think
that they will increase the Fed funds rate
three times in 2017? Never. What they will
aim at, then, is to essentially bring interest
rates down, especially if by then the dollar
is still strong.”

Marc Faber


28 / Splicing the markets - An intermarket perspective

Anchor 1
Precious Metals
the team
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