and focusing on those trades where ex-ante high carry is consistent
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we choose our best carry trades across EM and DM.
coupled with a favorable external position and
the currency remains overvalued and highly
and gives the ruble the best risk-adjusted carry
and the currencies are not expensive relative to
despite showing some detachment from global factors and some positive inflows
and we do not expect the central bank to intervene
are very cheap versus OIS and Libor swap rates.
and the low debt service costs enjoyed in the past five
the 10yr is expected to be anchored and movement is expected
and a stronger fiscal adjustment in 2016
with the government failing to approve fiscal measures and/or
cells and facilities belonging to terrorist
I was convinced that he had complied both with the letter and