...S +1 646 855 5442 david.woo@baml.com Shyam S.Rajan Rates Strategist MLPF&S +1 646 855 9808 shyam.rajan@baml.com Mark Cabana, CFA Rates Strategist MLPF&S +1 646 855 9591 mark.cabana@baml.com Ralph Axel Rates Strategist MLPF&S +1 646 855 6226 ralph...

...MLPF&S +1 646 855 5442 david.woo@baml.com Perception versus reality In this report, we argue why the Trump risk premium may be too high. The administration’s dealing with both China and Mexico in recent weeks suggests to us that the near-term risk of open trade...