Global Perspectives 2014 Midyear Update

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  • Markets have looked past the early-2014 economic cold spell as fundamentals heat up and systemic risks wane.

  • European Central Bank bolsters monetary stimulus as the Fed and Bank of England continue tightening.

  • Cold War redux in Ukraine and Middle East instability inspire yawns.

  • Given seven consecutive quarters of S&P 500 earnings growth, we affirm our 2014 forecasts for EPS and price level.

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