US policy uncertainty is sky high. Global investors own a lot of US assets, mostly unhedged currency exposure, and the natural implication is that the collision of large exposures and elevated uncertainty could have a large impact on global capital flows, asset markets, and currency hedging activity.

Participants:

• Jason Daw (Desk Strategy), Head of North America Rates Strategy
• Elsa Lignos (Desk Strategy), Head of FX Strategy
• Richard Cochinos (Desk Strategy), FX Strategist

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