Epstein Secrets

From: Daniel Sabba •tt > To: "Jeffrey E." <[email protected]> CC: Paul Morris , Stewart Oldfield Ste anian , "Arian Dwyer" Subject: FW: Faria: Brazil Daily Update [C] Date: Thu, 11 Jun 2015 21:23:36 +0000 , Vahe Richard Kahn Classification: Confidential Original Message From: Isin S

COPOM minutes maintain hawkish tone, signaling further tightening: The BCB published the COPOM minutes explaining last week's decision to raise the SELIC rate by 50bps to 13.75%. There were very few changes in the document, suggesting that the tightening cycle will continue. We now expect another 50b

From: Daniel Sabba •t: > To: "'Jeffrey E."' <[email protected]> CC: Paul Morris , Vahe Ste anian Arian Dwyer Subject: FW: Faria: Brazil Daily Update [C] Date: Fri, 04 Sep 2015 18:31:55 +0000 , Stewart Oldfield , "'Richard Kahn"' Classification: Confidential Relevant Brazi

d 2016 at BRL3.90/USD (instead of BRL3.40/USD and BRL3.65/USD, respectively). Despite the higher inflation, we continue to expect the BCB to cut the SELIC rate to 11.50% in 2016 (with the easing cycle still beginning in April), as we expect the authorities to throw in the towel and postpone convergenc

From: Daniel Sabba cta To: [email protected] <[email protected]> CC: Vahe Stepanian Ariane Dwyer cta Subject: Fw: Faria: Brazil Daily Update Date: Thu, 05 Mar 2015 20:55:06 +0000 Classification: Public Brazil raised rates 50bps. An outlier economy... Since early 201

e Sent From Bloomberg Mobile MSG ---- Original Message ---- From: JOSE CARLOS FARIA, DEUTSCHE BANK S.A. B At: 3/4/2015 23:34 The COPOM raised the SELIC rate by 50bps to 12.75%, as expected The decision was unanimous and was in line with market expectations, as, despite the gloomy economic outlook,

Subject: FW: Faria: Brazil Daily Update [C] From: Paul Morris < ~> Date: Thu, 10 Sep 2015 11:28:12 -0400 To: jeffrey E. <[email protected]> Classification: Conf

2016 at BRL3.90/USD (instead of BRL3.40/USD and BRL3.65/USD, respectively). Despite the higher inflation, we continue to expect the BCB to cut the SELIC rate to 11.50% in 2016 (with the easing cycle still beginning in April), as we expect the authorities to throw in the towel and postpone convergenc

6 PM Original Message From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO Sent: Wednesday, June 24, 2015 04:49 PM Eastern Standar ime To: Subject: Faria: Brazil Daily Update Thursday highlights: FIPE is due to release the third June preview of Sao Paulo's inflation index, and we expect 0.55%. 1BGE w

w shows inflation converging to the 4.5% target in 2Q17. These forecasts assumed an exchange rate of BRL3.10/1.1SD (vs. BRL3.15/USD in March) and a SELIC rate of 13.75% (vs. 12.75%) throughout the forecasting period. The BCB estimated administered price inflation of 13.7% (vs. 11.0%) for 2015 and 5.3%

To: Jeffrey E. ([email protected]] CC: Paul Morris I; Stewart Oldfield I j; Vahe Stepanian I ; Ariane Dwyer ; Richard Kahn Subject: FW: Faria: Brazil Daily Update ICI Classification: Confidential Original Message From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO) [mailto: Sent: Thursday,

COPOM minutes maintain hawkish tone, signaling further tightening: The BCB published the COPOM minutes explaining last week's decision to raise the SELIC rate by 50bps to 13.75%. There were very few changes in the document, suggesting that the tightening cycle will continue. we now expect another 50b

o: "'Jeffrey E."' <[email protected]> CC: Paul Morris , Vahe Stepanian , Stewart Oldfield , Ariane Dwyer "'Richard Kahn"' Subject: RE: Faria: Brazil Daily Update [C] Date: Thu, 10 Sep 2015 14:48:40 +0000 Inline-Images: image001.png Classification: Confidential CDS at highs again. Your

d 2016 at BRL3.90/USD (instead of BRL3.40/USD and BRL3.65/USD, respectively). Despite the higher inflation, we continue to expect the BCB to cut the SELIC rate to 11.50% in 2016 (with the easing cycle still beginning in April), as we expect the authorities to throw in the towel and postpone convergenc