LC Investment Playbook Weekly Update

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.

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Fixed Income Highlights

• A review of US and EU long term rates and credit.
• Market-Implied Fed Fund Rate near 5%.
• US Treasury Yield Curve- Sharp moves.
• Japan Government Bond’s Liquidity Problem.

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Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets.
• 10y Yield>5% could send S&P to 2600 levels.
• Pain still left in US Equities.
• PE Funds Seeing Opportunities in Fallen Stars.

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Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.
• The Yen Remains Extremely Cheap.