V i e w p o i n t | 14 Aug 2025 20:17:45 ET │ 26 pages Global Macro Strategy - Views and Trade Ideas Stay long local EM and EM carry — We continue to stay long EM local, FX hedged, into the Sep FOMC. Growth may still come off in the RoW, when there is pay back for tariff front-running. Separately, we are long EM carry. Of our two warning signals, positioning is currently a headwind, although it only becomes a problem if volatility spikes, too. Unwinding our SNB payer — We took profits on one of our very few ...