BMO's Ian Lyngen also said "what...>

US TSYS/RESEARCH: BMO's Ian Lyngen also said "what we find so intriguing about

Thursday's optimism is that it's remarkably similar to how we've ended each of

the last several years. There has invariably been some 'event' that signals to

the market that the year ahead will be 'the big one' in terms of breakout

economic growth and inflation."

- He adds that "first, it was the tapering of the Fed's QE, then QE's end, then

the Fed's first rate hike, and most recently Trump's election. Every round of

upbeat outlooks for the year ahead failed to result in reflation or materially

higher yields in the long-end of the curve - although the front-end hasn't

failed to underperform."