--> Global growth will pick up modestly this year but inflation is surprisingly low
--> We expect global equities to return 9% and fixed income returns of 4-5%
--> We think the dollar’s dominance will expand in scope, and that it will make gains against the euro and sterling
Top 10 Risks for 2014
>> QE uncertainty
*Fed tapers without a strong recovery
*Fed is forced to increase QE
*QE leads to inflation
>> Emerging-market risks
*China hard landing
*EM current-account crisis
>> Developed-market risks
*Abenomics triggers financial instability
*US debt ceiling not raised
*Successful eurozone rebalancing
>>Good/bad price declines
*The spectre of deflation
*Large oil price decline