. Positioning is crowded and we expect the economy to decelerate in 2H17. NAFTA and presidential elections risks have been completely priced out In EEMEA. we stay long beta but take out some cheap 3-month protection against a pickup in vol hurting the crowded carry trade. In EEMEA FX, the best hedge i

d 2.1% next year. &=bsp;lnflation will decline in Argentina, leading the central bank to lower=interest rates. EEMEA Equity Strategist: Popul=sm in EEMEA, Europe and the US is likely the main theme for the autumn=/a>. chttp:hrsch.baml.com/r?q=7uxdfGrkL10S46veH8IMLQ&e=amanda.ens%40baml.com&a=p;h=NHw5TQ