16 to 22 May: Dollar Signs

Emerging Markets underperformed last week as FED minutes increased market expectations for rate hikes, boosting the USD.

Actually, the move in US rates is far from convincing, with the Treasury curve the flattest since 2007 (2s-10s at 0.96%). This suggests that, whilst hikes might be expected in the short run, the market has little faith the cycle can last long.

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