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The last QE trade
Weekly investor research
31 October 2016
EM markets are outperforming developed markets both in normal market conditions and during bouts of serious yield curve
steepening in developed economies. The rally in long bonds in developed economies may be the second last of the big
QE-sponsored trades. The final QE trade will be to take profits and rotate portfolios into non-QE markets, which now offer
better return and less risk.