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• FOMC refuses to send a clear signal about its September meeting
• Clear divisions on the committee complicate forward guidance
• Doves will need to see data improve further to accept rate hike Dario Perk...
• Recent policy announcements suggest progress towards cutting capacity
• But the targeted reductions in steel production appear insufficient
• Policymakers still hope to create ever-bigger steel-exporting SO...
• EM investors emboldened by a cautious Fed and dormant China risks
• Russian asset outperformance should have more to run
• But further upside hinges on a soft dollar and another leg up in crude
• Monetary and credit conditions continue to improve
• Overall liquidity may be easier still
• These indicators point to strong EA growth in the next 12 months
• The FOMC’s balancing acts unlikely to help the dollar materially
• The resulting financial easing will help risk assets with cheap valuations
• We recommend catch-up trades that will benefit from a soft dollar
• EM carry is unlikely to be vulnerable to isolated risks such as Turkish politics
• Global risk mitigation is a bigger driver, as both China and the dollar stabilise
• Inflation resurgence and sustained volatility...
• The market reaction to Brexit has been remarkably composed
• But it would be wrong to dismiss the vote as a non-event
• European assets warrant a higher risk premium as a result
• The rebound in equities owes a lot to...
• Stubborn term-premium declines have created both losers and winners
• Conventional wisdom on portfolio diversification may be challenged
• But yield advantage will attract flows till inflation resurfaces decisively