Just at a time when risk appetite was gradually recovering, hard macro drivers are taking over in fuelling the next down-leg in Bund and Treasury yields. Economic activity in the US has come to a standstill at the start of this year. We have temporarily reduced our previous massive long duration positions a good week ago and now recommend to reinstate those positions. We add to the bullish exposure of our Key Trades Portfolio via 5y UST and a 5y Bund longs.