Every indexed document

we think the real focus has to be on the

we think the PBoC may implement more reductions in banks' reserve

at this point we don't expect further rate cuts this

the cut confirms the leadership's commitment to support the

the People's Bank of China (PBoC) has recently cut interest rates by 25bps – the first such

we have yet to see meaningful pick-up in activity. We think that policy

thus fiscal policy tightens by USD 600 billion (3.7% of UBS

most likely in the form of agency MBS and Treasury purchases.

political dysfunction and huge fiscal tightening

Democratic sweep and more fiscal tightening

we expect only moderate fiscal tightening of about

Republicans will likely lose seats in the House overall

with some downside risk due to rising uncertainty. The Fed has decided to extend so

coupled with stable core PCE inflation close to the Fed’s

political gridlock and some fiscal tightening

etc.); a possible Portuguese default; a Greek euro exit; or a major external growth shock.

enhancing pressure also on Italy; serious political disagreement in core countries (for instance after

as peripheral countries' budgets stay on track and economic activity recovers

there is practically no leeway for fiscal stimuli. The near-term growth impact of any fiscal

including the possibility of a rate reduction.