Epstein Secrets

ure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rate hikes has been overshadowed by disinflation fears as commodity prices have declined and econ

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa

ure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rate hikes has been overshadowed by disinflation fears as commodity prices have declined and econ

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa

ure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rate hikes has been overshadowed by disinflation fears as commodity prices have declined and econ

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa