德银-新兴市场-固定收益-欧洲中东通货膨胀：预期及定位-20180212-14页

DeutscheBankResearchEmergingMarketsEconomicsRatesGov.Bonds&SwapsDate12February2018EMEAFixedIncomeInflationinCEE/ILS:Whattoexpectandhowtoposition________________________________________________________________________________________________________________DeutscheBankAG/LondonDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.KubilayOzturkChiefEconomist(+90)2123170124kubilay.ozturk@db.comChristianWietoskaStrategist(+44)20754-52424christian.wietoska@db.comCarlosGalindoResearchAnalyst(+44)207547-6269carlos.galindo@db.comCzechRepublic:?Whattoexpect?WeexpectheadlineCPIat2.3%(previous:2.4%).?Traderecommendation:Expressanear-termbullishbiasonCzechrates–despitecore-raterepricing.Keepshort-end1Yfwd1Y-5YIRSsteepeners(entry:32bp,current:38bp,target:75bp,stop:15bp)andcurvesteepenersin2Y2Y–5Y5YIRS(entry: