The risk of Federal Reserve rate hikes later this year has almost become a non-issue for global markets. That’s because other central banks are headed in the opposite direction. These policy-making bodies have unleashed a volley of monetary easing actions. Together they are offsetting whatever pall had been cast on the market by the expectation of a forthcoming U.S. tightening. In general, that should be good for stocks and other risk assets. Today it was the turn of the Reserve Bank of Australia, which made a surprise quarter-point cut in its cash rate to a new record low of 2.25%. That followed the Bank of Canada — ... (full story)