The Power of Zero Interest Rates
Commentary
For the first time in 70 years, Treasury bills are paying either zero or near-zero interest. With the economic recovery still in its early stages and inflation well-contained, central bankers are not likely to retreat from their current low interest rate policy anytime soon.
Perspective - Fourth Quarter, 2009
► Below-par global economic recovery remains on track with subdued inflation
► Booming emerging markets are offsetting tepid growth in developed nations
► Monetary policy is doing its job to reflate the economy; forcing cash into risk assets
► Moderate growth, rising profitability and easy money still good for equities in 2010
► We continue to emphasize income-drivers and Emerging Markets in our portfolios
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