Interest rates are at 20-yr highs, yet unemployment is at 50-yr lows, core-PCE is near 30-yr highs, and Wall Street (and Fed) economic forecasts continue improving. What explains the disconnect between these unexpected outcomes and those expected by mainstream economic textbooks? Consensus says: monetary policy works with long & variable lags. We say: it’s the Fiscal, Stupid!
Lots 81-82, Street C, Suite 204
Dorado, Puerto Rico 00646
Please read about the Risks of investing in the Funds. You should carefully consider the Fund’s investment objectives, risk, charges and expenses before investing. Investing involves risk, including potential for loss of principal. The risks of investing in emerging market and foreign securities may be higher than the risks associated with investing other securities. Diversification cannot assure a profit or protect against loss in a down market. Dividends are not guaranteed and may fluctuate. Fund holdings are subject to change and risk. Past performance cannot predict future results.
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