Epstein Secrets

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

ation. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

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

QUAPTER 2017 es |G Ma | otic Director of Equity Research 212.549.5232 [email protected] traded corporatio

he 19th Party Congress, which should usher in a new era with more focus on the quality of growth over the quantity. President Xi now awaits President Trump’s State visit to Beijing on November 84, Investors will likely be focused on issues ranging from trade to North Korea, though major breakthroughs app

growth over the quantity. President Xi now awaits President Trump’s State visit to Beijing on November 84, Investor

s continued their downward spiral, it took a year for the Rockefeller Family Trust, which owns 100% of the multifamily office's voting rights, to get McDonald's successor in place. It's hard to imagine a more dangerous situation for a financial-services firm to be in. Destabilized from within and without,

hs Global Investment Janet Yellen, exchange with Research, December 8, 2016. ABC News reporter Rebecca pa

% in 2017, with looser fiscal policy and still easy monetary policy in key countries. e And last but not least, we expect that while President-elect Trump’s initial policy measures with respect to tariffs and trade agreements risk jolting financial markets, as a self-described “deal maker” he will likel

tem, October 3, 2016. itra Toossi, “A Century of ange: The U.S. Labor Force, 950-2050," Monthly Labor Review, Bureau of Labor Statistics, May 2002. Donald J. Trump, “Remarks,” speech delivered at the New York Economic Club, September 15, 2016. Chair Janet L. Yellen, “Current Conditions and the Outlook or the U

or Review, Bureau of Labor Statistics, May 2002. Donald J. Trump, “Remarks,” speech delivered at the New Yor

it and I enjoy it very much.” Philip Pilkington Research analyst working in investment management and focu

tevens Institute of Technology. “So many thanks. This worked out very well. The editing was excellent although the caricature of me looked more like Donald Trump than me! I hope to work with you in the future” “T read the issue with great interest and was pleased to see my quantum there.” “T thank the editor

ough the caricature of me looked more like Donald Trump than me! I hope to work with you in the future”

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

reform OK, maybe it’s not as inevitable as death and taxes, but some form of corporate tax reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here focus on four components that could have big equity implications. We assess the impacts at a market

x reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

ital allocation update, tax reform, rising interest rates. Latest report: MCO rally has just begun; beneficiaries of the non-Health Care upside from Trump 1Q risks: Risks to the downside are courts not approving the HUM acquisition, lower- than-expected membership growth and higher than expected cost t

ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA 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

ompensation received from, such issuers in BofA research reports. To the extent this report discusses any

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

nds are, the more USD/JPY buyers we see. Some in Research warn that Trump may succeed in "tax cuts, faster

early for most of macro players, hedge funds. Absolute majority bet on HRC to win, but majority still made good money because Hillary bets worked as Trump trades. Wider, steeper core rates, stronger USD, weaker EM is the Rage. The last one, EM, is the big loser out of Trump Reflation Theme. DM over EM

nds are, the more USD/JPY buyers we see. Some in Research warn that Trump may succeed in "tax cuts, faster

early for most of macro players, hedge funds. Absolute majority bet on HRC to win, but majority still made good money because Hillary bets worked as Trump trades. Wider, steeper core rates, stronger USD, weaker EM is the Rage. The last one, EM, is the big loser out of Trump Reflation Theme. DM over EM