The anticipation of a Goldilocks scenario has driven bond yields lower, boosted risk assets and undermined the value of the US Dollar. After all, if the worst of the collateral damage to the economy is behind us, there is no need for safe-haven assets, is there? We don't buy this scenario. 

While we too expect rate cuts in 2024, they will be driven by real economic distress, not by immaculate disinflation. As a result, we would expect the USD to rebound.