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Why Not Be Bullish?
The prospects for rapid, deep Fed cuts are diminished following last week's dramatic upside US payrolls surprise.
Markets have ruled out a second consecutive 50bps rate cut at the November FOMC meeting. Traders were even beginning to evidence caution around a 25bps cut at the next policy gathering. A quarter-point move on November 7 was priced as less than a sure-thing.
For 2024 as a whole, market pricing reflected fewer than 100bps of easing on Monday in the US for the first time since before
