EghtesadOnline: It doesn’t pay to worry about the unprecedented market calm. As U.S. stocks trade at fresh highs and volatility across assets is so subdued it’s touching near-record lows, hedging seems like a luxury. It’s getting harder to justify coughing up money for cheap protection that ends up seeming overpriced in the face of rare, and quickly reversing, selloffs.

EghtesadOnline: Bond bears in the U.S. are feeling the squeeze. Investors need to contend with the waning impact of energy base effects on inflation and a terminal rate that lacks momentum before they can aspire to push interest rates higher.

EghtesadOnline: A month ago, the dollar and stock markets were riding high as investors bet that the Trump administration, together with the Republican-controlled Congress, would usher in an era of lower taxes, more government spending and looser regulations.