This report provides insights on consumer finance in the U.S., refinancing risks in Europe, and the latest FX & EM Macro Strategy Quarterly Outlook. The report is intended for institutional investors and is not subject to all independence and disclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRA Rule 2242. Barclays Capital Inc. and/or one of its affiliates trades the securities covered in this report for its own account and on a discretionary basis on behalf of certain clients. Investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. The report is a single factor in making investment decisions and investors should consider other relevant information.
