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

rate cut. The risk to this view is if tail risk scenarios unfold in European politics, such as an early election in Italy with Five Star winning, or Le Pen wining the second round in the French elections. Although we expect markets to be more concerned about European politics following the US elections,

will embrace. It is a massive change in sentiment from six months ago when markets were fearing the “anti-European Union” rhetoric of since-defeated Marine Le Pen. Unifying Europe is no easy task, but the best chance appears to be in the hands of a political outsider with pro-business and economic policies tha

European Union” rhetoric of since-defeated Marine Le Pen. Unifying Europe is no easy task, but the best c

% 10.7% NASDAQ 6496 6728 3.6% 25.0% TOPIX 1675 1766 5.4% 16.3% KOSPI 2394 2523 5.4% 24.5% Emerging Markets 1082 1119 3.5% 29.8% Fixed Income 2-Year US Treasury Note 1.49% 1.60% 12 41 10-Year US Treasury Note 2.33% 2.38% 5 -7 BarCap US Agg Corp Sprd 1.01% 0.95% -6 -28 BarCap US Corp HY Sprd 3.47% 3.38% -9 -71

Institution has called the “fiscal fights of the Obama administration.” The first fiscal fight resulted in the Standard and Poor’s (S&P) downgrade of US Treasury debt in August 2011. The equity markets, as measured by the S&P 500 Index, dropped about 19% between April and October of 2011. Taken together, the

ak away from the European Union? In France, for example, upcoming elections in May 2017 are likely to pit Francois Fillon of Les Républicains against Marine Le Pen of the far right Front National. Le Pen has promised a referendum on whether France should stay in the European Union, and, should she win, questions

example, upcoming elections in May 2017 are likely to pit Francois Fillon of Les Républicains against Marine Le Pen of the far right Front National. Le Pen has promised a referendum on whether France should stay in the European Union, and, should she win, questions about the viability of the Eurozone wil