Epstein Secrets

a by Morgan Stanley Canada Limited. which has approved of and takes responsibility for its contents in Canada: in Germany by Morgan Stanley Bank AG. Frankfurt am Main and Morgan Stanley Private Wealth Management Limited. Niededassung Deutschland. regulated by Bundesanstall fuer Finanzebenstlerstungsaufsich

0.0 - 0.5 1.2 Unless othenvaa noted. all metrics ate based on Morgan Stanley ModetWare framework (please see explanabon later in Ills note) § a Consensus data is provided by Thomson Reuters Estrne: a a Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies cove

a by Morgan Stanley Canada Limited. which has approved of and takes responsitifity for its contents in Canada: in Germany by Morgan Stanley Bank AG. Frankfurt am Main and Morgan Stanley Private Wealth Management Limited. Niederlassung Deutschlard. regulated by Bundesanstalt fuer Finanzekenstlerstungsaufsic

0 0.0 0.0 0.0 Unless othenwse noted. all meek, are based on Morgan Stanley MoelelWare framework (please see explanabon later in this note). § a Consensus dela es provided by Thomson Reuters Estenales. e a Morgan Steely/ Research oslimalas Morgan Stanley does and seeks to do business with companies c

by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the

l GDP Growth (IMF data and forecasts) -1 0 1 2 EFTA01476160 3 4 5 6 7 % yoy 2011 forecast 2012 forecast 2013 forecast 2014 forecast Consensus 2015 forecast % yoy 2015 -1 0 1 2 3 4 5 6 7 Source: IMF, Deutsche Bank Research Page 67 1976 1979 1982 1985 1988 1991 1994 1997

recommend outright long duration positions in US rates at present given that the sharp election-induced selloff could extend over the coming weeks. Consensus expects rising inflation Instead, we focus on contrarian views regarding the outlook for inflation, which underpinned some of short rates positionin

which are authorized nal Bank Limited, London Branch, which is authorized by the Central rules. Bank of America Merrill Lynch International 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 a