'Pain Trades': Nomura Outlines 3 Catalysts For 'Crowding Reversals' From Here

The macro consensus currently is "everybody" is set-up for higher Rates on higher risk-conviction than we’ve seen in a long while, according to Nomura strategist, Charlie McElligott, with:

A powerful Bear-Flattening in most G10 over the past month and a half.

1) No Deal