Attachments: image001.jpg; image002.jpg; image003.jpg; image005.png Importance: High Navigating post-Trump volatility • We are recording unprecedented divergences in falling equity vol with rising rates vol post Trump's win. Intra- day S&P realized vol collapsed from near 60% to below 20% in 2d [Chart 1] • While equities have shown less conviction over what a Trump win means (given strong sector rotation), the bond market has sold off with one of the largest moves in history [Chart 2 & 3] • Stabilizing rates volatility from here is key to markets remaining calm and while equity upside may continue, it is