Asks what will move markets today - payrolls or Supreme Court.
Tom
Max Kettner
Clear narrative is that near-term earnings and growth expectations are still too low, particularly for the US.
Asks what strong payrolls and a lower unemployment rate mean for the market.
Anna
Max Kettner
The level where rate expectations start hitting risk assets has moved down. The worry is that one or two months of hawkish data is enough to start pricing in a tail risk of a hike, which is bad for all risk assets.
Asks if the bond market is mispriced in the US and by how much.
Guy
Max Kettner
Front end is mispriced by up to 50 basis points to the upside.
Asks which is more important for equities: higher rates or stronger earnings estimates.
Guy
Max Kettner
For this year, it's more like 2018 - the rates side of things will be the driver, leading to a choppy market.
Asks about his underweight energy position and if it's based on the surplus story.
Anna
Max Kettner
The underweight is very little to do with politics and mostly about the fundamental surplus story.