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Bert Lourenco at HSBC believe that the ECB.....>

EGBS
EGBS: Bert Lourenco at HSBC believe that the ECB will push PSPP into 2018 and
that rates hikes will remain conditional upon inflation. In terms of investment
advice HSBC believe that this would support carry trades and volatility will
remain low.
- This will "flatten most curves including BTPs. We still advocate selling
payers on the 5Y tail, but buying OTM receivers on the 30Y tail"

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