breaking news BoA sees choppy Q1 2023 “before rates and USD can peak (and emerging markets bottom)”

It’s via the folks at eFX.

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  • Bank of America Global Research discusses its base case for cross-asset outlook in 2023.
  • “Lower rates, a weaker dollar and stronger emerging markets are the building consensus for 2023. This is also our base case, but with higher confidence after the first quarter. Meanwhile, the global economy continues to face the risk of stagflation in part because of loose fiscal policy that keeps central banks on a tightening path.
  • “The technical outlook calls for a choppy first quarter before rates and the USD can establish a peak (and emerging markets a trough),” adds BofA.

The reopening of China will be delayed by the new record number of cases:

Official Chinese data is still filtered by the Chinese Communist Party’s propaganda machine. For them to raise their hands to record high cases means it’s really, really bad there. We wish Chinese people good luck against this nasty infection and COVID.


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