EFTA01476261Set 10
2015-12-0942p6,786w
rates gradually in 2016 as it assesses the
economy's reaction to this policy
tightening, with the pace of hikes accelerating thereafter as the forces for
going slow fade ... markets perspective, the
repricing of the Fed's rate path could
lead to a tightening of financial conditions — this is especially true if
the Fed decides to taper its reinvestment ... Ahead of September / October FOMCs
I Hike not priced by market — risk of financial
tightening (stronger dollar, higher rates)
II High financial markets volatility
II Fears of sharp slowdown
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01476261.pdf
EFTA01089574Set 9
2013-02-2145p23,567w
business sentiment has
improved, the outlook for the French economy remains weak as fiscal tightening still has to catch
risks in owning up to other European countries. Meanwhile, the Chinese ... corporate bonds are expected to achieve a better total return despite limited spread tightening
potential. HY corporate bonds still offer good investment opportunities due to low expected
default rates ... whilst subordinated bank bonds of the same issuers provide good
potential for credit spread tightening, given the scarcity value of Basel 2
Fixed Income compliant bank capital securities
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf
EFTA01089678Set 9
2012-10-2544p21,521w
broad demand for yield-generating assets. Given this, we see
potential for further spread tightening. Meanwhile, benchmark rates are expected to rise
gradually on better economic data, while short rates ... this year and sign a new memorandum in November. In the US modest fiscal tightening is expected worked in collaboration with economists employed by UBS
with the Fed mitigating downside ... between Republicans and Democrats.
• Due to the ongoing political gridlock, we expect modest fiscal tightening. The government will likely let Source: Thomson Datastream, UBS, as of 15 October 2012
unemployment
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089678.pdf
EFTA01089722Set 9
2012-06-2944p20,625w
cliff")?
8%
6%
CIO View (Probability: 65%*) No QE3, political gridlock and some fiscal tightening
4%
• The economy stays on a moderate growth path, coupled with stable core PCE inflation ... Residential investment
• Against the backdrop of ongoing political gridlock, we expect only moderate fiscal tightening of about hventonts =Net Exports
• Government — Real GDP Mel annual1444 ... June 2012
$ Positive scenario (Probability: 10%*) No QE3, Democratic sweep and more fiscal tightening
• Propelled by ultra-expansive monetary policy and improved confidence, cyclical forces surmount the
structural hindrances
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089722.pdf
EFTA01077283Set 9
19p10,004w
Given pressures for fiscal tightening in the West, it's hard to blame monetary authorities around the globe for trying to keep
these things moving. That's why the global ... contrast with the West, where de-
leveraging still rules. Should EM countries overdo monetary tightening, fiscal deficits and debt ratios are generally low enough
(el 5) o support additional stimulus ... should
stop declining. These gains will be partially offset by $80 bn of belt-tightening at the state/local level. NY is one example;
absent changes to current law, its structural
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077283.pdf
EFTA01071289Set 9
2015-08-1330p17,719w
Housing market fundamentals remain constructive with a pick-up in demand, US Equity Strategy
tightening supply, high affordability, low household leverage, and easing credit
standards. Taken together, we believe these ... interest-sensitive and the Fed is about to narendra2.singh©jpmorgan.com
embark on a tightening campaign. However, long rates which matter more for housing ArJun Mehra (AJ)
are already pricing ... rate hikes. Even if the Fed surprises by tightening faster than (1-212) 622-8030
what the market anticipates, LP. Morgan expects to see a curve flattening and alun.mehra©jpmorgan.com
https://www.justice.gov/epstein/files/DataSet%209/EFTA01071289.pdf
EFTA01387382Set 10
2018-01-091p678w
terms of near-term meetings, the market has 64bps
of Bank of Canada tightening priced in through July, which is substantially more
than the 52bps the market has priced ... relative terminal rate, and the markets expectations of
relative Fed and BOC tightening in H1 2018, are likely to err significantly in favour
of more relative Fed tightening when compared ... USD/CAD to the upside over the medium-term.
Firstly on the terminal rate, Fed tightening has yet to tighten US financial
conditions, while US mortgage rates have barely budged
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01387382.pdf
EFTA01092124Set 9
5p2,709w
Since the aftermath of the Great Recession
brought a combination of excess capacity and tightened financial regulation, inflation has remained low,
permitting persistently stimulative monetary policy in these inflation-targeting ... resulting from
the coming retirement of baby boom workers, but should avoid or limit tightening short-term fiscal policy,
since that might restrain the economic recovery. The political dynamics were ... there was little progress on long-term entitlement reform but substantial short-term
fiscal tightening. The political left achieved some of its objectives of increased taxes and the political right
https://www.justice.gov/epstein/files/DataSet%209/EFTA01092124.pdf
EFTA00113220Set 9
2022-05-3161p14,815w
good hangman's
16 knot, it will sometimes be circumferential just
17 because it tightens with your weight. If you
18 don't, if you have a fixed knot ... seems like there should have been more
11 Like, it should have been tight, tightened up a
12 lot more. Like, he should have been more
13 wrinkled up because ... They don't look like knots that will
6 slide and tighten, which is one of the reasons
7 why I said that this could have just as easily
https://www.justice.gov/epstein/files/DataSet%209/EFTA00113220.pdf
EFTA00809967Set 9
272p84,288w
seem to be unrelated. For example,
one of the nerves helps us swallow, another tightens a muscle that rotates
the eyeball toward the midline, and a third helps to regulate ... surfaces of our teeth. We use CN VII (the facial
nerve) to relax and tighten the muscles of the cheeks, creating a pouch for
the food and emptying ... play in listening and in understanding human speech by regulating the
middle-ear muscles. Tightening or relaxing tension levels in the eardrum,
with the help of these nerves, changes
https://www.justice.gov/epstein/files/DataSet%209/EFTA00809967.pdf
EFTA00954951Set 9
2013-02-155p2,700w
into equity funds. And both came in tandem with the start of a Fed tightening cycle,
giving retail investors a clear signal to get out of bonds. Central bank tightening ... thus
favoring this trade.
Credit
• This was a better week for credit, as spread tightened following on from two weeks of widening. US HG continues to
trade within ... higher-beta sectors outperformed. What is noticeable is that
spreads managed to tighten as Treasury yields rose, which suggests a de-coupling of the recent relationship between
https://www.justice.gov/epstein/files/DataSet%209/EFTA00954951.pdf