while Medicaid cuts and tax hikes for wealthy running into political opposition. It looks like Trump is going to push for his working class tax cuts. Channeling income to low income households will mean more stimulative which is a factor for Fed policy

Good point, models and sentiment type measures break down if you have a structural shift

Ok that’s helpful, thanks

Hi Iñaki, do you have any research/data on FX hedge ratios of foreign holdings of US fixed income?