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An interesting take on the bond markets is....>

BONDS
BONDS: An interesting take on the bond markets is provided by Peter Chatwell at
Mizuho "We look for the EUR periphery to outperform US Treasuries, on a total
return basis with no currency hedge, over the coming year."
- Chatwell's reasoning is that if the ECB is dovish, you win in the European
periphery via owning European duration trade and spread tightening to Germany.
If the ECB turns hawkish, you'll probably make it on the euro appreciating
versus the dollar. Hence the recommendation to sell Treasuries and shift
unhedged dollars into euros to buy the periphery. 

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