Epstein Secrets

s returns model and SMRA survey responses show that portfolio managers have reduced their exposure to corporate bonds and increased allocation into Treasuries. Still Play the Range Markets seem choppy without a lot of direction. Investors in general seem more occupied with long Eurostoxx, Nikkei and the

Research Analyst (4 Research Analyst (4 Stuart Sparks Research Analyst Oanni Souks Research Analyst 1+ - Stavin Zeno. CFA Research Analyst Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00233571 DB-SDNY-0087387 EFTA01385919

that both encourage further downside to risk assets. There is more uncertainty around bond yields. Potential FX intervention might imply selling of Treasuries, especially the front end where most reserves are held. But if higher short rates from either those sales or Fed tightening, undermine equities, bo

b.com iNteven /se CFA gatemen Analyst 1+11212 250-9373 [email protected] Adityb Eltiatits Economist 1+11212 250-0584 aclitya.bhaveaklb.com Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0051307 SDNY_GM_00197491 EFTA01362010

not occurred since 1998. It was evident that dollar buying foreign exchange operations coincided with a decline in dealer positions in short dated Treasuries, but the effects were not overwhelming. On a related note, there has been an uptick in PBoC's OMO net injections of funds recently, in the order o

I over the past ten years is about 1.9%. Only briefly in 2010, did the year-over-year core CPI dipped below 1.0%. Jul-14 Jan-15 Jul-15 Page 18 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051319 CONFIDENTIAL SDNY_GM_00197503 EFTA01362022