Algebris' Gallo Thinks European Markets Underestimate ECB

The video discusses the impact of reflationary measures on the stock market, highlighting the potential shift from a 'Trump bump' to a 'Trump slump' due to various policies. It compares the economic outlooks of the US and Europe, noting that Europe is outperforming the US in economic surprises. The video also examines the potential consequences of US-China trade tensions on emerging markets and analyzes the US Treasury and yield curve trends, considering political risks and inflationary trends.

What is the significance of the reflation trade mentioned in the text?

What are the risks associated with emerging markets as discussed in the text?