New research from Danske Bank Markets
Markets are still pricing Fed too dovish in our view with the next hike not priced until June.
Short-end US rates should rise in coming months with most of the increase happening in spring.
The USD is set to strengthen modestly versus EM and commodity currencies - range-bound versus EUR.
European equities to outperform US equities on widening rate differentials.
The wildcard is a continuing fall in the oil price, triggering turmoil in US high-yield markets and EM.
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