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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we review rising interbank rates but falling spreads on those rates relative to the policy rate. We also discuss how big of a driver real yields have been in the recent UST selloff. Mexican and Brazilian equities have outperformed EM pretty dramatically of late, and the rotation within EM equities shows a new sensitivity to oil prices. We also discuss the extreme outperformance of growth relative to value and the enormous divergence in forward valuations between growth and value stocks.
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