给你排版有点启发的一个外国PPT.ppt

JPMorgan now forecasts an additional rate cut this year… Swap-to-floating transaction Swap to floating LIBOR path analysis A present value analysis on the 4/15/08 note demonstrates the sensitivity of the swap to rising LIBOR levels. The following model shows an NPV gain of $4.02MM. The first 12 months of the LIBOR moves represent JPMorgan’s forecast for rates The breadth and quality of JPMorgan’s execution capabilities are unmatched Contacts P?H?O?T?R?O?N?I?C?S Photronics22Apr03 Agenda Page P?H?O?T?R?O?N?I?C?S Photronics22Apr03 A?P?R?I?L? ?2?2?,? ?2?0?0?3 R?I?S?K? ?M?A?N?A?G?E?M?E?N?T? ?D?I?S?C?U?S?S?I?O?N S?T?R?I?C?T?L?Y? ?P?R?I?V?A?T?E? ?A?N?D? ?C?O?N?F?I?D?E?N?T?I?A?L Yield Curve Steepening Market Update JPMorgan Forecast The Fed left rates and its bias unchanged at the March 18 open market meeting. It appears from the meeting commentary that the Fed views the most significant risk to the economy to be the geopolitical issues JPMorgan believes the conflict with Iraq stagnated consumer activity, resulting in weaker economic conditions. Consequently, we expect the Fed to ease another 50 bps to insure no further market deterioration The equities markets have been trading with considerable volatility due to the conflict in Iraq. Initially, equities traded primarily on news related to the war. Over the past week, however, equity moves have been negative as investors turn to weak economic news at home Recent statistics appear to have been substantially affected by negative sentiments regarding the war. Consumer Confidence came out at 62.5 for March, which was the lowest level since 1993. However, the April number, which no longer reflected a war related drag on expectations, came in at 83.6 Despite this, Retail Sales numbers have improved substantially, coming in at 2.1%, which was significantly higher than expectations of 0.6% and the prior number of –1.6% However, some statistics have remained negative despite a release of war related drags. Initial Joble