Epstein Secrets

we recommend being bearish 5y US rates (seeing higher yields), long USDJPY (weaker JPY) and short a basket of EM LatAm long bonds (Mexico, Brazil and Colombia). But in the near term, we urge caution with the reflation trade. Short 10y US real rates (seeing higher yields) offers the best risk- reward after r

, equities will sell off if no hike. e Fed will not hike in May ahead of French elections. 3. David Woo’s latest “Cause and Effect” is attached 4. David Woo’s Top Rates and FX Trades for 2017 is also attached. Woo believes that Brexit and the US election have signaled that the world has changed. These grou

n curve (Jan 21) and we closed Jan 19 receivers. We think there is room for some short term bull flattening in Mexico, and we keep paying ly IBR in Colombia and receive 2y Camara in Chile. We stay neutral on most LatAm FX as valuations are not attractive. We like to short MXN at current levels. Position

f this report or its contents. 28 Global Liquid Markets Weekly I 24 July 2017 Bankof America Merrill Lynch EFTA00788502 Research Analysts US David Woo FX, Rates & EM Strategist Shyam S.RaJan Rates Strategist Ralph Mel Rates Strategist MLPF&S Sebastian Cross Rates Strategist Pac Rim Tony Mo

est beneficiary of the eee ot ence oe Trump win. 4. Sell a basket of Brazilian, Mexican, and Colombian long bonds — Positioning in J - r r , Beth PBs David Woo EM fixed income market remains crowded while liquidity is poor. FX, Rates & EM Strategist MLPF&S [email protected] 5. Sell BRL/MXN — MXN is overso

rish (not foolish) For the year ahead, we recommend being bearish 5y US rates, long USDJPY and short a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with the reflation trade. Short 10y US real rates offers the best risk-reward after recent moves. US rate