Epstein Secrets

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al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

orporated (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 of India; PT Merrill Lynch (Indonesia): PT Merr

2016 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Merrill Lynch Global Rates, FX & E

corporated (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, T Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch srael Limi