Fed Is Done, First Cut Set for May or Sooner
March now has a 1 in 3 chance of a cut
Highlights
• Soft October CPI report paves the way for rate cuts by the Fed, sooner than earlier expected…
• … U.S. Treasuries will be the biggest beneficiary
• Retailer earnings to be marred by a double whammy: drop in volumes as well as prices
• German ZEW data show Europe’s economic engine is in recession
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