Here's What David Zervos Is Telling His Clients About What Will Happen To The Market

It's been awhile since we've seen a fresh note from Jefferies strategist David Zervos, but a source at one of his clients tells us what he's telling his clients right now about the state of the market.

We summarize what we were told:

• Developing market reflation to continue. Big central banks will remain loose.
• This will mean faster nominal GDP growth, and be good for "real" assets (like real estate, and possibly some commodities).
• 10-year yield easily capable of getting back to the 3-4% range.
• Very negative on everything emerging markets, especially equity, but also fixed income.
• Zervos prefers Summers to Yellen, says Yellen too institutionalized.