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Reflation themes are now fully priced. 10y inflation breakeven is now the highest (2.10%) since September of 2014.
The Brazilian financial system is *BACK*.
Important to not read too far into Advance GDP numbers. Unexpected tailwind: government, where contribution was the strongest since Q3 '16. Unexpected headwind: inventories, which are still a headwind despite low levels.
Core PCE slowly firming and real spending strong but new lows in the personal savings rate (2.4%) in December.
The problem with betting on a hawkish ECB, an enthusiastic market trend of late.
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