The document is a market commentary by Michael Cembalest, Chief Investment Officer at J.P. Morgan, discussing the economic outlook for the US and Europe in 2012. It highlights the potential for recession in Europe, the role of central banks, and investment opportunities. The commentary also includes various economic charts and data, such as the Economic Surprise Index, German bank exposure, and US fiscal tightening projections.
documents/EFTA01169391.pdf
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