Groundhog Day was a film about the same day repeating itself over and over, which has some parallels to what is happening in markets - policy rates higher, curves flattening, equities unfazed, and USD-CNY marching higher. Will this cycle continue or be short-circuited? That probably depends on what market or country you are talking about.

Participants:

• Jason Daw (Desk Strategy), Head of North America Rates Strategy
• Blake Gwinn (Desk Strategy), Head of US Rates Strategy
• Lori Calvasina (Research), Head of U.S. Equity Strategy
• Peter Schaffrik (Desk Strategy), Head of UK/European Rates & Economics
• Alvin T. Tan (Desk Strategy), Asia FX Strategist

* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts