Epstein Secrets

d 1.9% in CY16 (Chart 13). One explanation is that private consumption is simply being underestimated in demand- side GDP statistics: researchers at the Bank of Japan recently produced experimental supply-side estimates of GDP that were significantly higher than existing expenditure- side statistics. We find the Bo

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Inte Comisi6n Nacional del M errill Lynch Kingdom o This research report: FCA and the PRA) by retail clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research repor' ralia): Lynch Saud LI(UK}a India}; and is issued and distri Bank Limited (Merchant Bank) re

vices Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong): Merri Lynch (Singapore) Pte Ltd, regulated by the errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Bi ed by the Centra hich is authorized

arising from, or in connection with, this Bank of the arkets E as each by the Cen jon in Hong Kong ai issued and distribu dvisers Regulations }. MLIBLMB and Mei ies (Australia} Limi the Corporations Act 2001. With the exception of BA 59 nor regulated by the Austra Brazil} in accordance with ap p he

75 70 65 60 55 50 1/1/2010 5/1/2011 8/4/2012 = 1/1/2014) 5/1/2015 = 9/1/2016 Source: BofA Merrill Lynch Global Research true against the JPY given the Bank of Japan is pegging 10y JGB yields at zero. We are cognizant of the possibility that the willingness of Japanese investors — who have already bought record am

Tables for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Brazil, Italy, Turkey. The issuer is or wa

PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by t regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for p

ca}: Merrill Lynch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the

and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated b

last week’s biggest losers were Korea’s KOSPI and India’s NIFTY, which each returned -0.8% week-over-week. In Japan, the Nikkei fell 0.3%. On Friday, the Bank of Japan (BoJ) left its monetary policy unchanged—it will continue to control the yield curve via its negative benchmark rate and its asset purchasing program

Comissdo de erril as each i by tl ed, London he PRA and regulated by the Branch, which is authorized by the Cen ral Bank and distributed in H errill Lynch (India}; International Bank L ingapore) are regula long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Ba

or was, within the e US, retail sales and/or dis F&S or an affiliate has received F&S or an affiliate expects to re ibas, Deutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc

u report: has been approved for publication and is dis RA) by MLI (UK) and Bank of America Merrill Lynch | the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea investors and/or accredited investors pared and issued by Merrill Lynch U rael Securities Aut ores; Merrill

erri ry Au Federa regu Merrill Lynch 5 defined int of Ireland and subje KSA Comp he rules of FCA and the PRA, and is distributed in the UK to rill Lynch hority of h Mexico, SA de errill Lynch he | Lynch Limited, ll Lynch (Israel}: ion; Merril errill Lynch by any, ated he ct to buted in Japan