Deutsche Bank 2月9日超长篇，133页。
　　EM will likely enjoy a longer reprieve.The global economy continues to show signs of improvement and resilience across both DM and EM，but with possible delays in US stimulus and the Fed on hold，we expect EM inflows to continue.
　　Markets took in stride US January’s strong employment report on some retracement in wage inflation.Robust PMIs point to quarterly growth rising to 3%，but DB expects the Fed to hike 25bp in June and in September as the FOMC seems unlikely to act in anticipation of fiscal stimulus.