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MFS Global Markets Outlook - September 2014

Fund Manager Updates

Macroeconomic overview
One’s loss is another’s gain

The global liquidity spigot seems set to remain wide open. As the US Federal Reserve winds down its quantitative easing (QE) program, European Central Bank (ECB) President Mario Draghi signaled at the annual Jackson Hole Economic Symposium in late August that the odds of QE in the eurozone had risen meaningfully.

The ECB delivered at the September policy meeting. Interest rates were cut further and a renewed balance-sheet expansion is in the works, reversing a two-year trend of contraction. For global equity markets that have been so well supported by abundant liquidity and easy monetary policy, losing the Fed but gaining the ECB could end up providing a further push.

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