Why One Popular Strategist Is Constructive Into Year-End

"It feels to me like a short vol trade in rates," Nomura's Charlie McElligott said Friday, sketching the contours of his year-end view. McElligott is, in a word, constructive. It's important, I think, to differentiate between the kind of staid commentary that emanates from sell-side research departments and tactical strategizing from the sales and trading side. I won't elaborate other than to say I generally prefer dynamic, lively commentary. Charlie cited soft data (outright in the global con