Epstein Secrets

ce the central bank to revise its inflation projections down by at least 25/30 bps. This, in our view, combined with the very cautious message from Draghi. strengthens our call for a very slow pace of tapering from Jan18 onward, in contrast with investors' expectations (discussed last week and in the

ot affected the Euro much. First, the EUR weakened as the ECB statement kept the option to do more QE if necessary. Then, the EUR strengthened when Draghi avoided talking the EUR down when he was asked about its recent strength. However, the EUR continued strengthening during and after the press confe

is starting to approach silver 300% 250% 200% 150% 100% 50% 0% 3M-rolling annualized stdev of daily returns -Silver —Sltcoln —Gold Source Blomberg BoWAMm11 Lynch Gbbal Research A wide array of risks obscure the future of cryptocurrencles When examining the safety of any asset, volatility is no

to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg https:/Awww.bloomberg.com/news/articles/201 7-10

om oil to copper. The U.S. reflation expectation also boosted the greenback. European sovereign bond yields and the euro declined after ECB President Draghi announced a reduction in monthly asset purchases starting in 2018, but promised a longer duration of QE. China completed its quinquennial leadership

, such as relaxing the capital key or buying below the depo rate. QE tapering is therefore a risk and the market could start testing the ECB. Even if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda fa

ance-decline line recently signaled for tactical USD strength and would turn outright bullish with a trend line break and new index highs. Chart 79: Bloomberg US dollar index, weekly chart with USD breadth measures MEBDXY Index - Last Price MISMAVG (200) on Close (BBDXY) LI9L47 Resistance: 1255 | A af" — ql a

2 Q3 Qs Source: BofA Merl Lynch Global Research, Bloomberg Source: Cleveland Federal Reserve We continue to

(tax, deregulation, healthcare headwinds) and toppy multiples/high ownership of EU banks going into Qi results. They believe the pressure will be off Draghi to act on the deposit rate if the macro starts to reverse which may cause people to push back the assumed timing of European rate hikes and tapering.