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What's Next?
As Q3 winds down and Q4 begins, the broad investment climate is being shaped by the turning of the monetary cycle. Norway was the first, and New Zealand will be next. It is not so much that these moves will force others to do the same. Instead, the Norges Bank and the RBNZ are simply ahead of the others. Although there is speculation that the Bank of England can move before the end of the year, it seems a stretch. The market feels increasingly confident that the Bank of Canada will raise rates around the middle of 2022. By our calculations, looking at the Fed funds futures, the market has priced in a hike for the ... (full story)