Markets continued repricing their expectations for rate cuts by the Fed next year after the FOMC meeting and Chair Powell press conference last week. The dovish pivot by the world’s most important central bank could be instrumental in driving price action over the next few months. US short-term rates are expected to fall below 4% next year from the current 5.25% – 5.50%, and this has given a strong bid into the holiday period to the benchmark S&P 500 index which is now closing in on its all—time highs. Consensus sees the first Fed rate cut in March, though it’s worth pointing out that the recent easing in ... (full story)