Epstein Secrets

roughly consistent with alternative projections Our downgraded global growth forecast is about in line with outside alternatives from the IMF and Bloomberg through 2017. However, this consistency masks significant regional differences. In particular, while our US growth forecasts are nearly one-half o

osure European Credit Strategy To follow the US or march to its own beat? US Equity Strategy Still low Treasury yields despite Fed hikes to boost S&P PE — Heavy tilts to Health Care & Tech European Equity Strategy 7% upside in 2016 but beware of the risk of a near-term correction FX Strategy Plen

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

476107 8 December 2015 World Outlook 2016: Managing with less liquidity US Equity Strategy: Still-low treasury yields despite Fed hikes to boost S&P PE — Heavy tilts to Health Care & Tech IIWe recently cut 2016E S&P EPS by $3 to $125 on revised assumptions of even lower oil prices and a stronger do

Down Down Down Down Down Down Source: FRB, Bloomberg Finance LP, I/B/E/S, Deutsche Bank A signal's ri

big-cap banks and select retailers 3) Commodity and industrial capital goods producers, prefer Transports Risk of near-term correction: Moderate "S&P PE stands on the shoulders of bonds 2014A $118 17.4 $38 2015E $119 17.4 $41 2016 end target: 2250-2300 2016E EFTA01476449 $125 18.2 $44