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“It’s all downhill after you’ve done the WHCD. I mean, is there anything better than making the president of the United States laugh for fifteen minutes? I feel like I helped avert wars.”

"EM rate cuts are on their way, ahead of the Fed," said Lord in the bank's emerging markets mid-year outlook note titled "it's all downhill from here" and distributed on Monday.

Right now, futures have a two-in-three chance the Fed hikes by 25bp on Wednesday, but then it's all downhill with 75-100bp of easing implied by year-end.

And it’s all downhill from here.

But, uh, if you don't do the work, it's all downhill after that.