Epstein Secrets

rom a low-yield environment (REITs) outperformed the converse (banks, insurance; Chart 3). However, we expect conditions to reverse into 2017. We see US Treasury yields rising and Japanese core CPI inflation recovering to +1.4% yoy by 2018 and core-core to +1.1% yoy. Stronger inflation and higher foreign yield

errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board

83 --- PAGE BREAK --- Rates vol is near all-time lows and is favorable for positioning for a break-out Since the US Election last November, the 10y US Treasury rate has fluctuated between 2.17% and 2.63%, constantly being jostled up or down by various economic forces. It is currently trading towards the bott

uch K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri Lynch Israel Limited, regulated by Israel Securities Aut! ndonesia): PT Merril Financial Services A of America M

s within the hypothetical risk parity Dec-12 through 27-Jun-16. Equity, fixed income, and commodity investment are represented by the S&P500, 10-Year US Treasury components within the hypothetical risk parity investment are Bonds, and the S&P GSCI Index respectively. Risk parity represented by the S&P500, 10-Y

Merrill Lynch (Seoul): Merrill Lynch International ncorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP errill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board