This call gave an overview for the year ahead in EM, where consensus has shifted more positive. Robin Brooks, Managing Director and Chief Economist, discussed key themes, including the dovish Fed shift, valuations and positioning. Sergi Lanau, Deputy Chief Economist, reviewed the substantial changes in EM balance of payments underway, with a focus on countries hardest hit in last year’s EM sell-off. Gene Ma, Head of China Research, shared his latest thoughts on prospects for a trade deal between the US and China.