08.00-08.45
Registration & Coffee
Garden Foyer
OPENING SESSIONS
Grand Ballroom
08.45-08.50
Euromoney Welcome: John Baskott, Global Head of Sales, Euromoney Conferences and HedgeFund Intelligence
Events
08.50-09.15
Keynote Address: James Clark, Deputy Assistant Secretary for Federal Finance, US Department of the Treasury
09.15-10.15
PANEL I: The Economic Backdrop, and How the Fed Reacts to it
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Too much, too soon? Does the real economy justify the Fed’s actions yet?
Wage and price inflation decoupling. Are we even looking at the right index?
Acting in isolation. Is the Fed coordinating the taper with other central banks? How important are foreign
economies?
If not, what are the risks?
How fast can inflation return? Where will break even yields be in 1 year from now?
Moderator: Josh Friedlander, Editor, Absolute Return
Panellists: David Greenlaw, Managing Director, Senior Trading Desk Economist, Morgan Stanley
Martin Hegarty, Managing Director, Head of Global Inflation-linked Bond Portfolios within Americas Fixed Income Alpha
Strategies, BlackRock
Gautam Khanna, Managing Director, Head of US Inflation Trading, Goldman Sachs
Aneta Markowska, Chief US Economist, Societe Generale
Robert Robis, Chief Strategist, US Bond Strategy, BCA Research
Robert Tipp, Managing Director, Chief Investment Strategist, and Head of Global Bonds and Foreign Exchange,
Prudential Fixed Income
10.15-10.40
Coffee Break
Garden Foyer
10.40-11.25
Workshop A
Hosted by: Goldman Sachs
Grand Ballroom
Workshop B
Hosted by: Deutsche Bank
Regency
Central Bank Policies and their Impact – a Closer Look
at How Monetary Policies and Inflation Markets
Interact
Quantitative Methods to Build a TIPS Real Yield Curve in
Order to Identify and Take Advantage of Market
Opportunities
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How did accommodative monetary policies
impact financial conditions?
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How did markets around the globe react
differently to central bank policies?
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What are the impacts of quantitative easing on
inflation and real rate expectations?
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Where we expect real rates to be for the US and
Europe
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Who’s got it right on inflation, central banks or the
market?
Speakers: Gautam Khanna, Managing Director, Head of
US Inflation Trading, Goldman Sachs
Toh Ne Win, U.S. Interest Rate Products Strategy,
Goldman Sachs
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A brief review of key events in the inflation market
over the last year as well as implications for the
future
What is a TIPS spline curve? Brief description of
Cubic Spline, Nelson-Siegel & Exponential Spline
Curves
How to adjust for issue-specific factors such as
seasonality, redemption floors, etc.
How to fit a spline curve in a spreadsheet
Real yield vs. breakeven splines
Avoiding pitfalls, interpreting results, and identifying
potential trade opportunities
Speakers: Allan Levin, Managing Director, Head of Inflation
and Fixed Income Index Trading, North America, Deutsche
Bank
Alex Li, Chief US Treasury and Inflation Strategist, Deutsche
Bank
11.25-12.10
Workshop C
Hosted by: Bank of America Merrill Lynch
Grand Ballroom
Workshop D
Hosted by: Société Générale Corporate and Investment
Banking
Regency
Five Macro Lessons Learned for Inflation Markets
Looking at TIPS Through the Derivatives Prism: How to
Convert Concepts into Pricing
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The four drivers of a low real yield world. What is
a fair real yield now?
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One last bazooka at the ECB’s disposal (other
than QE). How to trade the tail risk
Speakers: Mark Capleton, Managing Director, Head of
Global Inflation-Linked Research, Bank of America
Merrill Lynch Global Research
Andrew Henson, Vice President, US Inflation Trader,
Bank of America Merrill Lynch
David Slater, Managing Director, Global Head of Inflation
Trading, Bank of America Merrill Lynch
12.10-12.35
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Using the inflation swap curve as a benchmark for
seasonality and relative value
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Using inflation options to valuate/monetize the TIPS
capital protection
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Using the short term forecast and swap to better
appreciate the TIPS specific carry
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What is the purest metric to monitor the TIPS
cheapness/richness?
Speakers: Dan Haehnel, Senior Inflation Trader, Société
Générale Corporate and Investment Banking
Georges Sitbon, Global Head of Inflation Trading, Société
Générale Corporate and Investment Banking
Keynote Debate: ‘Inflation – What is There to Worry About?’
Speakers: Dennis Gartman, Editor and Publisher, The Gartman Letter
Peter Schiff, Chief Executive Officer, Euro Pacific Capital
Allen Sinai, Chief Global Economist and President, Decision Economics, Inc.
Chaired by: Richard Kemmish, Editorial Consultant, Euromoney Conferences
12.35-13.25
Lunch
Garden Foyer
13.25-14.15
PANEL II: The TIPS market - Business as Usual?
Grand Ballroom
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How did the market change after the sell-off? Are the changes here to stay?
As growth and inflation risk slowly returns, are new investors looking to come in? Are we seeing more foreign
investors?
Are the existing investors diversifying to new asset classes? Or countries?
What’s your time horizon? Are duration preferences changing?
How fragile is the expectation consensus? Where will break even yields be in one year from now?
Moderator: Yiying Luthra, Editor, North America, Total Derivatives
Panellists: Karim Bendouma, Vice President, Head Inflation Trader, Deutsche Bank
James Evans, Senior Vice President, Portfolio Manager, Brown Brothers Harriman
David Slater, Managing Director, Global Head of Inflation Trading, Bank of America Merrill Lynch
Andrew Weir, Fixed Income Portfolio Manager, Fidelity Worldwide Investment
Gemma Wright-Casparius, Principal, Senior Portfolio Manager – Inflation, Vanguard
14.15-15.00
Workshop E
Hosted by: Morgan Stanley
Grand Ballroom
Workshop F
Hosted by:
Regency
Federal Reserve Intent and Tactical Trading
Opportunities for TIPS Real Money Investors
Speakers:
TIPS
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Trading around index extensions
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Trading inflation surprises
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Are <1y TIPS still cheap?
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Fund flows: creating momentum in TIPS
performance?
 Does carry drive returns?
Federal Reserve Intent
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The logic of forward guidance
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The role of forward rate guidance
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Types of commitment mechanisms
The Summary of Economic Projections
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Speakers: Anton Heese, Co-Head of European Interest
Rates Strategy, Morgan Stanley
Vincent Reinhart, Chief US Economist, Morgan Stanley
15.00-15.25
Coffee Break
Garden Foyer
15.25-16.15
PANEL III: The Buyer’s Viewpoint
Grand Ballroom
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What is the alternative? Comparing TIPS and other ways to hedge inflation.
How do TIPS fit into an overall investment strategy? Other asset classes? Other currencies?
Is the TIPS market fit for purpose? Are there enough products? Is there enough liquidity? How would you rate
your investment bank?
Where is there relative value today? Where will break-even yields be in 1 year from now?
Moderator: Richard Kemmish, Editorial Consultant, Euromoney Conferences
Panellists: Jonathan Baltora, Senior Global Rates and Inflation Linked Bonds Portfolio Manager, AXA Investment
Managers
Deepa Majmudar, Managing Director, Senior Portfolio Manager, Inflation Strategies J.P. Morgan Asset Management
Nils Overdahl, Principal and Senior Portfolio Manager, New Century Advisors, LLC
Greg Wilensky, Portfolio Manager, US Multi-Sector Fixed Income; Director, Treasury Inflation-Protected Securities;
Director, Stable Value Investments, AllianceBernstein
16.15-16.40
Keynote Address: Richard W. Peach, Senior Vice President, Macroeconomic and Monetary Studies Function,
Federal Reserve Bank of New York
16.40-17.45
Post-Conference Drinks Reception
Lounge Bar
Euromoney Conferences reserve the right to amend the programme and is not responsible for cancellations due to unforeseen circumstances. Euromoney Conferences accepts no responsibility for statements
made orally or in written material distributed by any of its speakers at its conferences. In addition, Euromoney Conferences are not responsible for any copying, republication or redistribution of such statements.