EM inflation LEIs on the rise - March EM/DM Leading Indicator Watch

New Ideas: EM inflation leading indicators rebounding, double down on short SONIA vs long SOFR, long Brazil equities

Watching: Re-affirm AUD flatteners, still waiting on long AUDNZD / long AUDCAD

• UK: Service inflation upside risks, double down on short SONIA vs SOFR
• Canada: G10 macro outlier: growth downside risk, retain bias for lower yields
• Australia: Flatteners for the lucky country
• Japan: Impossible trinity lifted, watching FX-hedged JPY yields
• India: Benign macro, INR vol as tail-hedge into elections
• Thailand: Weaker THB thesis remains, but FX edge models warn of less edge in the trade
• Mexico: Banxico cut had hawkish tones, wait for election to pass before going long bonds
• Brazil: BCB autopilot turned off, equities now better play on growth rebound