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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA00603165: Merkel, Sarkozy and Lori Trahan (DS9)

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This document contains financial analysis discussing inflation shocks and equity returns, with references to investment research firms ISI (NY), BCA (Montreal), GaveKal (Hong Kong), and Wolfe Trahan. The content appears to be from a financial or economic analysis report.

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in the short term, an inflation shock can generate substantially negative equity returns. 3 ISI (NY), BCA (Montreal), GaveKal (Hong Kong), and Wolfe **Trahan**
Excerpt 2
This material is not intended as an offer or **solicitation** for the purchase or sale of any financial instrument.
Excerpt 3
A more plausible bull market rests on the US generating sustained growth closer to 3% than 2%, and **payroll** growth closer to 275k than 225k; that's when

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