Good morning. Risk-reward changes

https://www.businessinsider.nl/stock-market-hedging-jefferies-traders-should-buy-commodities-2018-1/

Interesting peace by Blanchard on the balanced recovery we have seen so far (via @leonmwc)

https://piie.com/blogs/realtime-economic-issues-watch/unusually-balanced-us-recovery

Leave it to the Economist to come up with a cool chart on pensions

https://www.economist.com/blogs/graphicdetail/2018/01/daily-chart-1

I am not impressed by the chart, but maybe you are.

https://www.bondvigilantes.com/blog/2018/01/03/emerging-markets-debt-2017-post-mortem-2018-outlook/

And the losers are…

https://pro.creditwritedowns.com/2018/01/eurozone-winners-and-losers.html

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