Barclays_Global_Portfolio_Manager_s_Digest_Proceed_with_Caution(1)

ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.*ThisindividualisamemberoftheProductManagementGroupandisnotaResearchAnalystAllresearchreferencedhereinhasbeenpreviouslypublished.Youcanviewthefullreports,includinganalystcertificationsandotherrequireddisclosures,byclickingthehyperlinksinthispublicationorbygoingtoourResearchportalonBarclaysLive.FORANALYSTCERTIFICATION(S)PLEASESEEPAGE30.FORIMPORTANTEQUITYRESEARCHDISCLOSURES,PLEASESEEPAGE30.FORIMPORTANTFIXEDINCOMERESEARCHDISCLOSURES,PLEASESEEPAGE31.GlobalPortfolioManager'sDigestProceedwithCautionWeprovidecontextandperspectiveonresearchacrossregionsandassetclasses,thisweekhighlighting:ouranalysisoftheU.S.Consumerthroughanalternativedatalens;ourupdatedra...