‘Macro’ Themes
A) End Of QE Is Not Tightening.
B) Why Central Banks Can Wait?
C) Return Of Boom And Bust Cycle
Strategy Stance
1. Fade The “V” Recovery => Front-End Receivers
2. Slower Normalization => Forward Steepeners
3. Economic Uncertainty => Seek Cheap Curve Vol
4. Owing To Both #2 And #3 => Conditional Bear Steepeners
5. Medium-term USD Asset Devaluation