Market consensus has quickly focused on buying reflation, US dollars and financials, funded by selling off any bond proxies, but we would argue this is far too simplistic.
We remain wary that markets have come a long way since the crisis, and are now navigating the later part of the cycle. Recent reflation expectations have led to a broad-based sell-off in bond proxies. ...
The US dollar is close to peaking and the risks now seem to be on the downside.
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