Epstein Secrets

ing cycle is now over and that the policy rate will remain at the current level for a very long time. We do not expect any rate hikes before 2017. Czech Republic The CNB recently confirmed it had intervened to defend the 27/EUR floor. With sterilization costs minimal and intervention probably modest, we expe

Elt 0.375 0.625 0.875 1.125 3m Libor 0.62 0.83 1.08 1.33 TOY govt bond 1.82 2.00 2.25 1.75 sans DO, abeerdip *SW LP, Nainl Cent Matt Deutsche Bank AG/London Page 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120379 CONFIDENTIAL SDNY_GM_00266563 EFTA01459730

s Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Ja

l, Dec 2014) and risk-reward argues for being modestly underweight on a rising dollar. Industrial metals, especially Copper still looks expensive. Deutsche Bank AG/London Figure 9: Hiking cycles and 10Y Fed Rate Cycles and lOy Treasury Price Changes Hiking Cycle 1958-59 1961-66 1972-74 1976-80 1980 1983-84 1

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0% -30% -20% -10% 0% 10% 20% 30% 40% 50% Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsche Bank, Bloomberg Finance LP Page 12 Deutsche Bank AG/London Consumer Staples Philippines EFTA01466419 Greece Health Care Consumer Discretionary Utilities Telco Information Technology Industrial Fin