Investing in the era of Central Bank hedgmony can be duplicitous. On the one hand it has underwritten investor confidence to own assets, in which investors have done very well. On the other, it is incentivising investors to pile on risk where the margin for error has become increasingly marginal. This is not new, but as Macro Risk Advisors point out in today’s Macroeconomic Briefing, it is a dangerous behaviour for central banks to continue to foster. This has made the carry trade in vogue and the momentum trade out of fashion, particularly at a time when it should be outperforming, as a hedge against equity markets, say MRA. It’s complicated business in commodity markets too, say Goldman Sachs. It underperformed in H1, and playing it from the long side has been problematic because of the dominance of supply. In the EM space, we today shine a light on China’s big tech stocks with MRB, while Standard Chartered provide some illuminating research on the economic benefits of educating girls.