a. Also included here is a replay of yesterday morning's client call, "Positioning ahead of the FOMC" with Dan Orlando (uS Government Trading) and Oleg Melentyev (US Credit Strategy). Note that the traders' view is that QE tapering does not happen today due, in part, to the low/inline CPI data as well as sup

the relative performance of senior US bank paper, which we think can now trade to spread parity with qualityand duration-matched non-financials. Oleg Melentyev, (1)212 250 6779 Daniel Sorid, (1)212 250 1407 Page 50 Deutsche Bank AG/London EFTA01476102 8 December 2015 World Outlook 2016: Managing with

e LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global