Third quarter US GDP grew 3.5%, surpassing analysts’ forecasts and marking the strongest back- to- back readings since 2003. Encouraged by a narrowing trade gap, improving manufacturing, and stronger consumer confidence, the Fed concluded its bond- buying program. Contrasted against this progress, the global recovery has become increasingly uneven, exposing renewed weakness in the Euro- zone and Japan. In response, the Bank of Japan and the Government Pension Investment Fund (GPIF) surprised markets by jointly announcing stimulative policies involving changes in the GPIF’s asset allocation expected to boost stock prices and weaken the Yen. Now the focus will turn to the ECB.