Table of Contents
Weathering the soft patch 3
Rates 7
Europe: judging the ECB’s data reaction function ....................................... 7
US: RRP test dissents at the FOMC ........................................................... 8
FX 11
A pause in the policy divergence driver .................................................... 11
Commodities 13
US will have to get worse for gold to look better ....................................... 13
Macro Trading Strategies 15
Turning constructive on developed markets .............................................. 15
Long equities for developed market outperformance ................................ 17
Selected Week Ahead Risk Events 19
Technical Analysis 21
The State of the Union .............................................................................. 21
S&P 500 target remains 1900, but we expect a cap here ......................... 22
Model Portfolio Summary 23
Recommended Portfolio ........................................................................... 23
Global Supply Overview 24
Appendix 26
Calendar of key events ............................................................................. 26
Credit Suisse forecasts ............................................................................. 27