Epstein Secrets

ned, there is consensus that there should be two hikes by the end of the year (and four more in 2016). Alirtals-4nr Research Analyst I+ Page 22 Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087403 CONFIDENTIAL SDNY_GM_00233587 EFTA01385935

27 March 2015 US Fixed Income Weekly United States Derivatives Rates Rates Volatility Gov. Bonds & Swaps • No directional cues emerged after the last FOMC meeting. The net effect is essentially a distributional modification, a swelling of the tails -

Research Analyst (4 Research Analyst (4 Stuart Sparks Research Analyst Oanni Souks Research Analyst 1+ - Stavin Zeno. CFA Research Analyst Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00233571 DB-SDNY-0087387 EFTA01385919

27 March 2015 US Fixed Income Weekly United States Gov. Bonds & Swaps Rates Volatility US Overview • There are plenty of minefields out there but none are likely to dominate what we still think for now is a powerfu

latility surface. The recent cheapening of vols was mostly concentrated in the upper left. Page 26 —3NC3M Berm vs Euro utettuSetaal Berm vs Euro Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087407 CONFIDENTIAL SDNY_GM_00233591 EFTA01385939

27 March 2015 US Fixed Income Weekly United States Agencies Rater: Gov. Bonds & Swaps Credit Sovereigns a As volatility has recently declined, yield picks for callables have also fallen. We find the 5yr+ maturities relatively prot

b.com iNteven /se CFA gatemen Analyst 1+11212 250-9373 [email protected] Adityb Eltiatits Economist 1+11212 250-0584 aclitya.bhaveaklb.com Deutsche Sank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0051307 SDNY_GM_00197491 EFTA01362010

4 September 2015 US Fixed Income Weekly United States Gov. Bonds & Swaps Rates Volatility US Overview • Markets are fixated on the potential for Fed normalization to start earlier than currently priced and whether Chi