Epstein Secrets

paid, etc.); Pease is named after Representative Donald Pease (D-OH) who pushed for its enactment in 1990

0% 60% = o 100 ---- ~~~ ~~ 5 oo nn nn nn an aaa a a a Cumulative Government Deficits as % of GDP for 2007-2011 (10-11 Projections) K p Sources: OECD; Markit; National Data a USA Inc. | Consequences of Inaction 430 HOUSE_OVERSIGHT_021056 When Corporations Like General Motors Run Out of Cash, Eventually

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

r Cross Asset year ahead you needed not so much a crystal ball as a time machine to have got things completely right this year. Aside from Brexit and Donald Trump winning the US election it is easy to forget that in February we were worrying about a US recession and deflation. US 5Y5Y forward breakeven inflatio

ed at 1.8% at that point. Four months later we were worrying about the deflationary impact of Brexit. Now we are thinking about the reflation under a Trump Presidency. Chart 9: US 5Y5Y forward inflation troughed in February Chart 10: At the same time as Basic Resources 3.3 17 34 45 —— Stoxx Basic Resour

45.0 ———US Consumer Confidence... 20 400 —— EA Services PM] =====EA Manufacturing PMI Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Source: Markit Source: Bloomberg The Euro Area too is showing signs of improvement with the latest manufacturing PMIs back to their best since early 2014 with othe