Epstein Secrets

erest rates in 2014 many European and Asian investors started buying US rates and also the next-door neighbor to US rates namely US IG. With higher US Treasury yields, rising hedging costs, a falling dollar, and signs that the ECB will end QE in September foreign demand for US credit is slowing, see chart b

. S billion 30 25 - 20 15 10 ...with ECB signaling QE exit foreigners are now net seners of US credit 10 11 12 13 14 15 16 17 -10 Deutsche Bank Research So- t.° aft 108 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist M

ECB exit and higher US Treasury yields leading to less demand from abroad for US IG S billion 30 - 20 - 10 - 0 -10 -20 - -30 I When ECB put interest rates negative in 2014

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

ECB exit and higher US Treasury yields leading to less demand from abroad for US IG S billion 30 - 20 - 10 - 0 -10 -20 - -30 I When ECB put interest rates negative in 2014

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi