(Bloomberg) -- That hiss might just be the sound of the air coming out of the reflation trade.

With just days to go before President-elect Donald Trump officially assumes office, analysts from Morgan Stanley to Nomura are warning that bets on a return of inflation and a stronger U.S. dollar may have run their course. They're cautioning investors across asset classes to gird themselves for the reversal of positions that have helped push the greenback close to a 14-year high.

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