Fundamentally, we believe that at this point in the cycle, after one year of sub-trend growth and facing the prospect of one to two more years of the same, and with inflation peaking, the bank shouldn't be tightening policy further,

Jason Wong

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I think the market's come to realize that economic growth in the U.S. is not threatened by higher oil and commodity prices. Regional markets also benefited from positive fund flows.

But we aren't in charge of the policy lever.

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We have pushed out the timing of the monetary policy easing to June and reduced the cumulative amount through 2006 to 75 basis points.

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We're still looking for an easing later this year.

It was obviously a technical bounce after a very weak run, which was always the risk.