EFTA01464418Set 10
2013-05-1660p12,430w
clamp down on
speculative inflows should reduce the appreciation
pressure. Moreover, a band-widening should, if
anything, lead to CNY weakness. We like to sell CNY
via options.
Rest ... state-of-affairs is unlikely to continue not
least because the much anticipated band widening
may actually occur over the coming months, and bring
to an end anticipatory inflows.
Dollar ... summer with a pick-up in MNC repatriation.
Third, the widely expected band widening is not
necessarily a positive for CNY. In fact, the April 2012
band-widening was first
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01464418.pdf
EFTA01464308Set 10
2013-07-30105p15,379w
exports. The FTT would
also drain liquidity from markets, impair market efficiency and widen
bidoffer
spreads.
T. The design of the FTT may be incompatible with existing global efforts ... offer spread. We have already noted how bid -
offer
spreads would widen by the amount of tax that 'cascades' down the
transaction.
The FTT may widen bid-offer spreads still ... fall in
volumes, the most liquid G10 derivative products could see spreads widen by
110%, while in less liquid G10 products spreads could widen by as much
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01464308.pdf
EFTA01089574Set 9
2013-02-2145p23,567w
emerging and developed economies is also cyclical recovery, supporting some of the
forecasted to widen slightly in 2013 in favor of the emerging markets. higher-beta markets (like Russia, South ... sustainability could be questioned again in 2013. These uncertainties should result in peripheral spread widening.
• The labor market fails to recover, increasing the likelihood of even more MBS and Treasury ... program and possible
political turmoil in Italy. These uncertainties would result in peripheral spread widening. In addition, Greek debt
sustainability could be questioned again in 2013.
• US sequester spending cuts
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf
EFTA01197808Set 9
2014-12-2840p15,985w
earn more than $132,000 for a family of four. And that's widening the already massive
wealth gap between whites and other racial and ethnic groups to near record ... levels.
EFTA01197818
Disturbing stats on black-white inequality
Wealth gap widens
$139K $141K
$17K $16K $11K $14K
Hispanic
2010 2013
SOVIICI fl y OttInloCa Wain
Much of the focus ... ladder that didn't have a rich daddy.
Should anything he done?
Whether this widening gap between the rich and everyone else is a problem and what, if anything,
should
https://www.justice.gov/epstein/files/DataSet%209/EFTA01197808.pdf
EFTA01475956Set 10
2015-12-08298p51,111w
upside -- as the
market prices a tightening Fed. US credit spreads are likely to widen
further as defaults rise moderately, but we do not see Fed hikes proving
problematic ... cycle, so we believe European credit can continue to
outperform even if US credit widens further.
Page 14
Deutsche Bank AG/London
EFTA01475990
8 December 2015
World Outlook 2016: Managing with ... FRB/US. All else being equal, the simulated shock causes the
real
output gap to widen by nearly -50 bps by yearend 2016 and more than -70 bps
by yearend
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01475956.pdf
EFTA00692515Set 9
2013-03-0323p12,768w
aspires to join it. Their
purchases keep economy going. As inequality continues to widen, and income and wealth become ever more
concentrated at the top, the rest don't have ... showdown. And we will have almost no chance of reversing the larger
challenge of widening inequality.
As such, I agree with Robert Reich that President Obama has use the bully ... high unemployment (some 20 million Americans unemployed
or under-employed), declining real wages, and widening inequality. And deficit reduction now or in
EFTA00692533
the near-term will only make these
https://www.justice.gov/epstein/files/DataSet%209/EFTA00692515.pdf
EFTA01385321Set 10
2018-01-031p474w
only 26 bps during the period. The HY Energy single-6
index has widened only 28 bps vs. the HY Energy double-B index, largely in-
line with performance ... Quality oily names has been starker with the spread gap between the
two groups widening by nearly 500 bps. Even excluding EPE (which widened
by —1.500 bps), the underperformance would ... disaster scenario has come down considerably over
the last year (while spreads have widened sharply) as we move one year closer
to market rebalancing. Second, we think market is underappreciating
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385321.pdf
EFTA00655984Set 9
2011-08-124p2,572w
below the central bank target zone, strong currencies and healthy growth.
Credit
Credit spreads widened considerably this week given the market-wide sell-off of risk. We believe that spreads ... recession, comparable to other risk assets. The High Grade JULI
Index widened 20bp to 211bp, yet our US HG strategists think that spreads are headed wider still to 225bp ... will
overshadow solid corporate credit metrics over coming months.
The US HY cash index widened 35bp to 727bp and HY loans heavily underperformed on the back
https://www.justice.gov/epstein/files/DataSet%209/EFTA00655984.pdf
EFTA00877419Set 9
2012-04-134p2,537w
this raises US 2012 growth from 2.2% to 2.5%.
European periphery spreads have been widening over the past month, but have only this week received broader
attention as Spanish ... time, but this needs to be used well. Instead we get procrastination. Recent spread widening started
with Spain seemingly declaring fiscal independence, much against the spirit of the Fiscal Compact ... reaching new highs.
The same was true of the past month's worth of widening EMU spreads and concerns about armed conflict with Iran.
One of the most important drivers
https://www.justice.gov/epstein/files/DataSet%209/EFTA00877419.pdf
EFTA01159482Set 9
2015-03-2238p14,127w
best seller. It is inequality, a gap
between rich and poor that has been widening in the U.S. and many other countries for a generation.
The term is often used ... between the Great Depression and the 197os. Since then, it has
widened. From 1979 to 2007, after-tax income for the top 1 percent of households grew 275 percent ... manufacturing
jobs from rich countries to poorer ones has often been accompanied by widening inequality at both
ends. In the U.S., the rise of the financial and tech sectors
https://www.justice.gov/epstein/files/DataSet%209/EFTA01159482.pdf
EFTA01187039Set 9
2013-06-2321p10,188w
same period, as interest rates gradually return to normal levels.
These factors would again widen the budget deficit and increase public debt. New revenues could be
raised through a reduction ... many to find that keeping taxes low --
especially for the rich -- widens the gap between the haves and have-nots, that hasn't stopped
policymakers from fighting tax increases ... over the past few decades, a factor
which "almost certainly played a role" in widening the income gulf, the EPI paper found. 'More
income inequality has consequencesfor Americans
https://www.justice.gov/epstein/files/DataSet%209/EFTA01187039.pdf
EFTA00763230Set 9
5p1,680w
Federal Reserve ends its MBS
purchase program in March. Since then, spreads have widened. particularly on higher coupon MBS. For example, the spread of 6% Fannie Mae 30 year
mortgages ... over Treasuries have widened about 20 bps since the beginning of January when we first wrote about the position. As we had stated
previously, we were only expecting a modest ... increase in the near term as any significant widening would likely have been followed by new govemment
actions to keep rates low. As further upside is limited from here
https://www.justice.gov/epstein/files/DataSet%209/EFTA00763230.pdf
EFTA01133078Set 9
2013-09-2932p16,668w
regulators and policy
makers detect bubbles and impending crashes, because those often correlate to widening pay gaps. It
would help alert consumers and taxpayers to companies where work forces ... rich hovered around 5o%. And incomes grew for
almost everyone. On this issue of widening inequality there's so much confusion, because people in the
right-wing often blame ... people, including Warren Buffet who made a lot of money that believe that this
widening economic inequality is both bad for the economy and for them. And although the solution
https://www.justice.gov/epstein/files/DataSet%209/EFTA01133078.pdf