Epstein Secrets

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Kulkami Ellen Kullman David Kultgen Umit Kumcuoglu Hiroko Kuniya Howard Kunreuther Rolf Kuntz Korhan Kurdoglu T. K. Kurien Vera Kurochkina Haruhiko Kuroda Kiyoshi Kurokawa Barbara Kux Mikhail Kuzovlev Andrey R. Kuzyaev George Kvirikashvili Chairman Chief Executive Officer Senior Columnist Found

e Agency. France Jun Arai President Showa Shell Sekiyu K.K. Japan Marta Arango Nimnicht Founder and General Director International Center for Colombia Education and Human Development (CINDE) Louise Arbour President and Chief Executive Officer International Crisis Group Belgium (ICG) Dan Arie

udelski Aleksey Kudrin Michael Kuhndt Peter Kukielski Timur Kulibayev Ellen Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robiso

e Agency. France Jun Arai President Showa Shell Sekiyu K.K. Japan Marta Arango Nimnicht Founder and General Director International Center for Colombia Education and Human Development (CINDE) Louise Arbour President and Chief Executive Officer International Crisis Group Belgium (ICG) Dan Arie

udelski Aleksey Kudrin Michael Kuhndt Peter Kukielski Timur Kulibayev Ellen Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robiso

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

ions fell and the yen strengthened as a consequence as the market got accustomed to fading dovish pronouncements from the Bank of Japan. Bo) Governor Haruhiko Kuroda himself said “Central banks are, admittedly, not omnipotent." The Bo) introduced yield curve control, taking into consideration negative effects of

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dré Kudelski Aleksey Kudrin Michael Kuhndt Peter Kukielski Timur Kulibayev Ellen Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison P