The email discusses post-Trump volatility in financial markets and how Bank of America Merrill Lynch is navigating these market conditions. The message mentions that the company is recording unprecedented divergences in falling equity vol with rising rates vol post Trump's win, as shown in Chart 1. It also notes that while equities have shown less conviction over what a Trump win means, the bond market has sold off with one of the largest moves in history, as seen in Charts 2 and 3. The email suggests that stabilizing rates volatility from here is key to markets remaining calm and mentions that while equity upside may continue, it is not without higher risks. The writer also likes cheap optionality to hedge long-equities if rates continue to move sharply. For investors long equities, the company looks at ways to cheapen protecting from downside risks in the event of further bond market volatility catalysed by Trump policy uncertainty. One specific suggestion is to buy an SPX Apr-17 95% put conditional on US 10Y CMS > 2.5% at maturity for 0.87%, with a 70% discount vs. vanilla option. The email also includes several charts and references other market data from BofA Merrill Lynch Global Research to support the analysis and recommendations presented.