The USD is trading weak versus especially low-yielding peers, which is consistent with a bull-steepening of the yield curve. The question is if the SNB and the BoJ will have to change plans due to stronger FX developments.
Trade Alert: A defensive yet cyclical tilt
We see cyclicality as overcooked in equity space, but find ways to exploit the stretched positioning.
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Something for your Espresso: A diesel crisis is brewing
The Russian curbs on diesel exports arrive at a bad timing with already low inventories ahead of peak demand season. Central banks trying to pause amidst this will feel the wrath from long bond yields.
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Steno Signals #59 – When it rains on Janet Yellen, it pours!
The Bank of Japan has fueled a global curve steepening and the US Treasury is forced to emphasize the trend with substantial ramifications for liquidity, rates, FX and equities. Here is how we play it!
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