LC Investment Playbook Weekly Update - 21 October 2022

Macro Highlights

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

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.

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.

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.

• The Yen Remains Extremely Cheap.