Epstein Secrets

. S billion 30 25 - 20 15 10 ...with ECB signaling QE exit foreigners are now net seners of US credit 10 11 12 13 14 15 16 17 -10 Deutsche Bank Research So- t.° aft 108 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist M

12 13 14 15 16 17 -10 Deutsche Bank Research So- t.° aft 108 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 CONFIDENTIAL - PURSUANT

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

ank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 This communication may c

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

ank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoic Ph.D. Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 This communication may c