Epstein Secrets

2495; Hong Kong +852 2848-5989: Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169: Singapore +65 68346860: Sydney +61 (0)2.9770-1505; Tokyo +81 (0)16836.9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Ma

0.0 - 0.5 1.2 Unless othenvaa noted. all metrics ate based on Morgan Stanley ModetWare framework (please see explanabon later in Ills note) § a Consensus data is provided by Thomson Reuters Estrne: a a Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies cove

2495; Hong Kong +852 2848-59S9: Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425.8169: Singapore +65 68346860: Sydney1.61 (0)2.9770-1505; Tokyo +81 (0)3.6836-9000. Mtematively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway. (Attention: Research Man

0 0.0 0.0 0.0 Unless othenwse noted. all meek, are based on Morgan Stanley MoelelWare framework (please see explanabon later in this note). § a Consensus dela es provided by Thomson Reuters Estenales. e a Morgan Steely/ Research oslimalas Morgan Stanley does and seeks to do business with companies c

erce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche B

l GDP Growth (IMF data and forecasts) -1 0 1 2 EFTA01476160 3 4 5 6 7 % yoy 2011 forecast 2012 forecast 2013 forecast 2014 forecast Consensus 2015 forecast % yoy 2015 -1 0 1 2 3 4 5 6 7 Source: IMF, Deutsche Bank Research Page 67 1976 1979 1982 1985 1988 1991 1994 1997

Y reached 100 on the Brexit vote as we argued in $/¥’s eventual surge: Buy Nikkei O06 September 2016. In fact, the USD/JPY has stopped falling during Tokyo trading hours since the summer. Based on the decline of foreign yields and higher hedge costs, hedged US Treasuries and German bunds had lost nearly

recommend outright long duration positions in US rates at present given that the sharp election-induced selloff could extend over the coming weeks. Consensus expects rising inflation Instead, we focus on contrarian views regarding the outlook for inflation, which underpinned some of short rates positionin