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Economy

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Current Federal Funds Rate Remain Below Historical Lows

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US Underemployment Stabilizes to Natural Rate

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European Equities at Cyclical Low Compared to U.S. Peers

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Low Interest Rates Drive Down Annuity Payment Values

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Gold and Real Yields Track Closely

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Historical Trend Suggests Upturn in Gold Cycle

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Commodity Price Inflation Moves in Long Term Cycle

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Active and Passive Management Each Tend to Work Well in Cycles

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The US Dollar Moves in Huge Cycles

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Emerging Markets remain Cheap compared to historical average, whereas Developed Markets trends more Expensive

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