Every Wednesday we provide you with the 5 topics that we track intensively in the current environment. Today is no exception.

Follow along, as we dive into the topics bit by bit here: 

1) The return of the hawks (BoC and RBA)

2) The Turkish Lira

3) OPEC+ and the lack of momentum

4) US debt now being issued again

5) More regulation on the cards

Overall, this has been a good week for the “higher for longer” fixed income / inflation crowd as central banks have communicated and acted hawkishly, while the market completely shrugged off an über-dovish ISM Services report.

Maybe the market is already “too invested” in the disinflation theme? Positioning is clearly leaning that way at least and it is something we have to consider in our portfolio construction in coming days and weeks.

Chart of the week: Is positioning already very long in bond space