Citigroup Delays Fed Rate Cut Forecast Amid Strong Jobs Data and Inflation Concerns 
Private Credit Under Pressure: Is a Slow-Motion Crisis Unfolding? 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
How the war in Iran is already affecting UK farmers and food production 
U.S. Strikes on Iran Draw War Crimes Warnings from International Law Scholars 
Geopolitical Shocks That Could Reshape Financial Markets in 2025 
Is dark chocolate healthier than milk chocolate? 2 dietitians explain 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Increased buy-in to the carry thesis. The vast majority of US investors is bullish emerging market assets; with most participating in EM carry plays. Of note, previous holdouts who were uber-bearish EM and who have attempted repeatedly to bet on EM blow-up scenarios have recently capitulated to the prevailing favourable carry story.
EM favourites currently include Mexico, Russia, Poland, and Indonesia. Most investors expressed a preference for high-yielding markets over low-yielding markets.
Investor participation was limited in Turkey and South Africa, with most investors either sidelined or underweight in sovereign hard and local currency debt.
Persistence of disinflationary / low-inflationary processes. Most investors believe that reflationary dynamics may continue to be pushed out further and further, extending the favourable environment for the yield-hunt and for emerging market out-performance.
Trade highlights:
Bonds: Long SAGB 2048s, FX-unhedged
FX: Short SGDINR
FX: Stay long USDRUB via 3m call spreads, buy strike 59, and sell call strike 62 knock-in 65.
