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es Bacchus Lars Christian Bather Gina Badenoch Donald Baer Sebastian Bago Shaikha Al Bahar Daniel Ba
dent, Global Public Affairs and Communications Vice-President, Marketing and Business Development Chairman and Chief Executive Officer Chairman, Financial Services Authority (FSA). United Kingdom President and Chief Executive Officer Prime Minister of Poland Chief Executive Officer S. K. and Angela Chan Professor of
Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] Cause and Effect Fade the Trump risk premium — buy USD Concerns over stagflation return In our view, the most interesting and important development in the global financial market
Page: HOUSE_OVERSIGHT_014721 →fact that the only item in his 100 day plan that President Trump has reneged on is his promise to label China as a
Page: HOUSE_OVERSIGHT_014724 →M is distributed in the Uni nang h reports of the following non-US a ard; MLI (UK}: Merrill Lynch Internati Lynch Securities (Taiwan) Ltd., regu Financial Services Authority (DI he FCA and iliates I Lyne ment (Argentina): > Merri ated b errill Lynch Lynch Securi Lynch Banco onal, regulated by the Financial Conduct A
Page: HOUSE_OVERSIGHT_014729 →Estimate Change
long term. Since the presidential election, the ’trump tax rally’ that has arguably lifted the broader S
ill Lynch | Lynch (Asia hority of h Mexico, SA de Lynch he DSP Merrill Lynch Limited, Il Lynch (Israel): Merrill an Federation; Merrill Lynch Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regu Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil):
Page: HOUSE_OVERSIGHT_014885 →upside on structurally challenged European banks & relatively more bearish outlook for US rates vs EU USDJPY and NKY the biggest beneficiaries of a Trump win Banks and Insurance are the most leveraged sector Banks and Insurance are the most leveraged sector China risk premium rising but A-shares vol
Page: HOUSE_OVERSIGHT_014992 →int foreign afi LPI the following non-US affi ernati Merri Argent ndonesia): PT Merrill Lyn errill Lynch (Russia}: O00 Dubai }: Bank he errill Financial Services Authority ingdom (UK) to professional clients and eligible counterparties hich are authorized tional Bank Limi FCA and PRA are availab| hange Act in Japan; is
Page: HOUSE_OVERSIGHT_014999 →Entities connected to both Donald Trump and Financial Services Authority

Prince Andrew
PERSON
Bill Clinton
PERSON
Marc Rich
PERSON
Joe Biden
PERSON
United States
LOCATION
Barack Obama
PERSON
Prince Charles
PERSON
John F. Kennedy
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Lawrence Krauss
PERSON
Paul Ryan
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United Kingdom
LOCATION
Eric Schmidt
PERSON
Michael Bloomberg
PERSON
Lebanon
LOCATION
Vietnam
LOCATION
Philippines
LOCATION
Hong Kong
LOCATION
Norway
LOCATION
Saddam Hussein
PERSON
Bahrain
LOCATION