美林集团2011年8月12号　全球投资环境研究摘要　.pdfVIP

Global Research Highlights Investment Strategy Global 12 August 2011 What to do when the going gets tough Joseph Zidle +1 646 855 5854 Strategist MLPFS Market volatility adds uncertainty to the recovery joseph.zidle@ Tumultuous financial markets this week added to heightened economic and Swathi Putcha +1 646 743 0198 Strategist market stress following SP’s downgrade of the US credit rating, the ECB’s MLPFS decision to resume bond purchases and the Fed’s promise to keep rates swathi.putcha@ exceptionally low for an extended period. Risk assets plunged early in the week, Investment Strategy 10-year Treasury yields hit multi-year lows and gold prices continued to surge. MLPFS Co-head of Global Economics E