Nobody can pinpoint when this process will come to an end. But it is very clear that it can't go on forever. Do you let this bubble grow, or do you do something about it?

The comments are more beneficial for Latin American markets than the market was expecting.

I take great pride in the integrity and quality of our product, which often reflected non-consensus calls, even within the bank.

The story is clearest in the natural resource area. They import a lot from resource-rich countries like Brazil and Chile. It's no mistake that those are two of the top five performing markets in the world this year.

The deal is a clear sign that it still pays to be overweight Mexico and we expect to see more upside.

If rates keep going higher, that will pose some problems to sizeable chunks of the stock market, particularly financials and other areas that are interest-rate sensitive.