December 19, 2025 11:38 PM GMT Global Macro Strategist Top 10 Surprises for 2026 A year without surprises would be a surprise itself. We discuss 10 market surprises that could make investors think differently. Surprise #1: Jobless productivity bull-flattens UST curve: Supply-driven disinflation leads to lower term premia, and lower short rates lead to less deficit concerns, given issuance mix – flattening the yield curve vs. forwards. Surprise #2: Back to negative equity-bond correlations: With inflation ex ...