Epstein Secrets

=== 6m change in 30y real rates (RHS, inverted == USGGT10Y Index (R1) 5y5 | rates scale, %4) yoy real ra Source: BofA Merrill Lynch Global Research, US Treasury The BAML multi asset strategy index is not representative of all isk-parity funds. Si : BofA Merrill Lynch Global R h Source: BofA Merrill Lynch Glo

19). First, given USD/JPY’s significant correlation with 10Y yield differentials (>60%}, the anchoring of 10Y yields will further weigh on the Yen as US Treasury yields rise. Second, further Japanese fiscal stimulus will successfully lower real yields through higher breakeven rates of inflation while nominal y

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naged to last just for one day after the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and higher rates. Michael Hartnett observes “violent rotation out of deflation to inflation plays”, including a move from REITs to US banks. Th

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5-25 -23~—s -20 -19 25-26 Other assets -4 “1-11-10 11-1 -11 -11— 11 memo: Identified Saudi Arabian and Middle Eastern holdings in the US Saudi Arabia US Treasury (UST) holdings 51 46 8 69 68 £76 80 91 109 Long-term securities 50 45 82 68 67 74 78 88 107 Short-term securities 1 1 1 1 1 2 2 3 2 Saudi Arabia hold

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nonprofit educational facilities Education 660 Special Blue Cross/Blue Shield tax benefits Health 630 Source: BofAML US Equity & Quant Strategy, US Department of Treasury Immediate capex expensing should provide some initial cash tax benefits The shift to the immediate expensing of capital expenditures should provide

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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

rules. Bank of America Merrill Lynch Intemational Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research