2/18/2013 10:14 AM Subject: Into FOMC... Good Morning - Ahead of today's FONG announcement at 2pm, please see DB Global Markets' chief Economist, Peter Hooper expectations (ie. 55-15bn of tapering, skewed toward Treasuries + dovish commentary) below. Please take a look through Hopper's quick pros/cons, wh

ation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations. Peter Hooper managing Director chief Economist Deutsche Bank Securities Inc. 60 wall Street New York, NY 10005 Office Tel: (212) 250-7352 office Fax: (212)

uld be very little tapering but a swing between liquidity complacency and liquidity fear. Maybe we're veering towards the former at the moment. DB's Peter Hooper expects t=day's FOMC to be most likely a "wait and see event" though he sees th= case for a taper now is about as strong as it was in September whe

sche Bank Research Global Cross-Discipline Date 8 December 2015 World Outlook 2016 Managing with less liquidity David Folkerts-Landau 'tors Peter Hooper Chief Economist Matthew Luzzetti Chief Economist Mark Wall Chief Economist Torsten Slok hi f E n mi t Deutsche Bank AG/London DISCLOSURES AN

241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam