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Most macro love NKY, willing to love it more. Bringing it home; fast macro money players are rushing to erase losses, year long pains through wider rates, longer USD, weaker EM, stronger equities. Real Money is in defensive, remembering Taper Tantrum days, fearing institutional outflows & forced selling of carry hope positions. Those who want to "fade" Trump rally, seek valuation in EM, believe core rates can tighten to get a breather are in Minority. This material was prepared by a Sales or Trading function within Deutsche Bank AG or one of its affiliates (collectively “Deutsche Bank”), and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other Deutsche Bank departments including the Research Department. This material is intended for your personal use and Deutsche Bank is not soliciting the purchase or sale of any security or transaction, or participation in any particular trading strategy. This material, and the information contained therein, does not constitute the provision of investment advice. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Deutsche Bank trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. Deutsche Bank may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. Assumptions, estimates and opinions expressed constitute the author’s judgment as of the date of this material and are subject to change without notice. Past performance is not necessarily indicative of future results. This material is based upon information that Deutsche Bank considers reliable as of the date hereof, but Deutsche Bank does not represent that it is accurate and complete. Certain transactions or securities mentioned herein, including derivative products, give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. Deutsche Bank transacts business with counterparties on an arm’s length basis and on the assumption that each counterparty is sophisticated and capable of independently evaluating the merits and risks of each transaction and that the counterparty is making an independent decision regarding any transaction. This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to https://www.db.com/disclosures for additional corporate and regulatory EU disclosures and to http://www.db.com/unitedkingdom/content/privacy.htm for information about privacy. Landon Thomas, Jr. Financial Reporter New York Times HOUSE_OVERSIGHT_023636