Epstein Secrets

ieve that 2016 should see a partial convergence of US and European bond yields. Our end-year forecasts see the 10-year Bund around 1.1% and 10-year US Treasury at 2.5% (although our macro forecast—with the Fed on a slow but steady uptrend — may be consistent with a somewhat higher yield by end 2016). In Eu

7 1.1 1.0 1.4 2.4 -0.4 1.7 1.6 1.7 1.3 1.5 1.6 1.9 1.9 1.8 2.3 0.3 EEMEA Poland Hungary Czech Republic Romania Russia Ukraine Kazakhstan Israel Turkey South Africa GDP (% yoy) 2015F 2016F 2017F 1.0 3.4 2.7 4.5 3.7 1.9 3.5 2.4 2.7 4.0 -3.7 -9.7 1.5 EFTA01476015 2.4

5-25 -23~—s -20 -19 25-26 Other assets -4 “1-11-10 11-1 -11 -11— 11 memo: Identified Saudi Arabian and Middle Eastern holdings in the US Saudi Arabia US Treasury (UST) holdings 51 46 8 69 68 £76 80 91 109 Long-term securities 50 45 82 68 67 74 78 88 107 Short-term securities 1 1 1 1 1 2 2 3 2 Saudi Arabia hold

2.5 2.0 mn b/d, YoY BofAML f'cast 15 1.0 0.5 0.0 -0.5 -1.0 2010 2012 2014 2016F 2018F 2020F mu US meme Canada mam Mexico mmm North Sea mmm Russia Kazakhstan . . 2013 2014 2015 2016 2017 2018 2019 2020 mum Asia Brazil mmm Sudan/So. Sudan other —+— total non-OPEC base =2016@$45/bbl m2017@$59/bb!_ =2018@$67/

. - What is interesting for both bills is what did not happen: The White House remained silent. Payroll Taxes 32% - Could Congress (in league with US Treasury) slip a major corporate tax report into the appropriations bill using the “Reconciliation” process? Source: OMB Deutsche Bank Francis J. Kelly Globa

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