Epstein Secrets

remain sub-zero until end-2017. Norway Norges Bank surprised with a rate cut in September. We expect a final further 25bp rate cut this quarter. Denmark Denmark was forced to cut its deposit rate four times last year, 10bp of which was reversed in January (to -0.65%). We expect the DKK ERMII peg to

Elt 0.375 0.625 0.875 1.125 3m Libor 0.62 0.83 1.08 1.33 TOY govt bond 1.82 2.00 2.25 1.75 sans DO, abeerdip *SW LP, Nainl Cent Matt Deutsche Bank AG/London Page 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120379 CONFIDENTIAL SDNY_GM_00266563 EFTA01459730

87% 07% 80% 706% 108% 4M 3a% 135% 178% 101% 54% 6M C Conan. 1.1% 15% 88% 8% 89% 82% 85% 151% 7% 0.5% 123% 81% 90% 39% 0 Denmark 1, 0% 64% 133% 130% 11M 115% 113% 9C% 106% 131% 09 Fume 90% 16% 84% 10M 64% 62% 3.0% 104% 5.7% 5.7% 03% 75% 49% "7% 199% 3M 10.

Deutsche Bank AG/London Figure SO. Developed Market USD Annualised Equity and Bond Returns l.x LSO sr-. turn. Lao 3.64, tau tat 6)74 1.0.36 3.5 • 1000 1770. 107

ed economies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Ru

l, Dec 2014) and risk-reward argues for being modestly underweight on a rising dollar. Industrial metals, especially Copper still looks expensive. Deutsche Bank AG/London Figure 9: Hiking cycles and 10Y Fed Rate Cycles and lOy Treasury Price Changes Hiking Cycle 1958-59 1961-66 1972-74 1976-80 1980 1983-84 1