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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Midtown Manhattan traffic go through along the full-bloomed Cherry blossoms trees on Park Avenue at Midtown Manhattan New York

Perspectives

Rates, recovery and resolve

David Bailin

By David Bailin

Chief Investment Officer

March 9, 2021Posted InInvestment Strategy

We believe it is asking too much of markets to absorb a record-setting fiscal stimulus in the face of recovering economy without expecting further pressures on interest rates. This means the US Treasury needs to borrow substantially from others besides the Fed.

There are many reasons to be optimistic about the next few years in equities. There are also reasons to expect more volatility in the medium term, as markets come to understand where rates might go, to understand if sustained inflation materializes and to see if EPS expectations meet reality.

There are three more Treasury auctions coming this week alone. Just like four years ago, a new US administration may have some “sharp elbows” for world markets, despite ostensible actions to help both the US and world economy recover. We put money on the prospects of a longer-term recovery, even as there are periods of doubt and worry along the way. Specific recommendations are contained herein.

Download: CIO Strategy Bulletin