Epstein Secrets

and Zs, and CMO floaters over open window structures to benefit from flatter curve and add convexity • Long 110 backed by MHA95 and MHA100 pools Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0116639 CONFIDENTIAL SDNY_GM_00262823 EFTA01457201

act, continues to do that. Eurodollar contracts show rates well below the Fed dots through 2018 and beyond. Low growth, low inflation, even a lower NAIRU should keep yields below Fed dots. Against the market's forward rates, the curve looks broadly like fair value. Neutral on rates. The v!ev., in sp

evels. ' For illustrative purposes. the chart uses the lower bound c4 the FOMC's estimate. 5 0%. which gets breached in O4 2015 in our projection. Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087392 CONFIDENTIAL SDNY_GM_00233576 EFTA01385924

r model to assess the prospects for wage acceleration in the near future. If the unemployment rate remains stagnant at its present level, 5.5%, the NAIRU will not get breached and our model implies that wage inflation will not increase. By contrast, suppose that the unemployment rate continues its ra

and Zs, and CMO floaters over open window structures to benefit from flatter curve and add convexity • Long 110 backed by MHA95 and MHA100 pools Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087416 CONFIDENTIAL SDNY_GM_00233600 EFTA01385948

act, continues to do that. Eurodollar contracts show rates well below the Fed dots through 2018 and beyond. Low growth, low inflation, even a lower NAIRU should keep yields below Fed dots. Against the market's forward rates, the curve looks broadly like fair value. Neutral on rates. The v!ev., in sp

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent

nflation in the US has moved up over the last three months and has a fair degree of catch up to do with the decline in unemployment relative to the NAIRU and rental vacancies. The dollar up cycle should have 10% to go medium term, but speed breakers are now in place to slow the pace. The US trade-wei