Epstein Secrets

e trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dr

Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontlo

am Page for Full List of Contributors 10Y real rates. CNH a hedge vs trade risk. Trump extends some trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dramatic moves. Som1e of those moves are extending trends that had already started — higher yields, hi

e. That is particularly the case if the Fed under President Trump is made more hawkish as our economists think it p

LPF&S [email protected] First came Brexit, then Donald Trump’s election as the president of the most powerful co

17 Short US Sy rates — Two and a half Fed hikes priced by the rates market for 2017- 18 are not consistent with aggressive fiscal easing promised by Trump. Bankof America Merrill Lynch 16 November 2016 Corrected FX and Rates Global 2. Short US 10y real rates — After the violent repricing of inflatio

d’s tightening cycles. 6. Buy USD call/CNH put — President Trump will need a weak USD, but President Xi needs a we

16 November 2016 05:30AM EST HOUSE_OVERSIGHT_014731 --- PAGE BREAK --- Introduction David Woo MLPF&S [email protected] First came Brexit, then Donald Trump’s election as the president of the most powerful country in the world. The world has changed. Possibly irrevocably so. These ground shifts have been b

west footprint with its low unemployment and a strong manufacturing base. While commenting on the potential for relief coming out of DC under the new Trump administration, management noted that shortage of skilled workers was probably the biggest issue impeding businesses in its footprint versus higher t

_OVERSIGHT_014364 --- PAGE BREAK --- proposals. Mr. Trump and congress could also ultimately defer to the S

onerous post cycle reserve requirements. Downside risks are a slowdown in housing price appreciation and a prolonged low interest rate environment. Analyst Certification We, Erika Najarian, Ebrahim H. Poonawala, Kenneth Bruce and Michael Carrier, CFA, hereby certify that the views each of us has expressed in this res

a recent interview with the Financial Times that international tourism to the US (Expedia’s key market) has decelerated following the introduction of Trump’s travel bans, which may be a downside risk to 1Q bookings and revenues. This mirrors ForwardKeys data from early March that after Trump’s executive

barriers to entry. Upside risks are successful new title releases that accelerate growth, or potential acquisition of Zynga for its game portfolio. Analyst Certification We, Justin Post, Jason Mitchell and Nat Schindler, hereby certify that the views each of us has expressed in this research report accurately reflect

r- end target of 2.85% for the 10y rate (just above the median forecast). Long-term rates have remained low due to uncertainty around Fiscal policy (Trump’s plans on infrastructure spending), subdued inflation expectations and a slower than expected Fed hiking cycle. On the other hand, a near full-emplo

n expected mobile impact coming from new Drillisch tariffs or failure to turnaround good US operational trends into more profitable revenue streams. Analyst Certification We, Benjamin Bowler, Clovis Couasnon and Frederic Boulan, CFA, hereby certify that the views each of us has expressed in this research report accura