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US Spending Update, ECB Rate Cut Headline Macro Docket
The US data docket's pretty light this week. If there's a highlight it's plainly retail sales.
Markets seem pretty comfortable with their Fed wagers despite demonstrable upside in the last jobs report and another warm read on core inflation. Frankly, I don't see the case for a follow-up rate cut. At all. I don't think there is one. I think this is a Fed which made the right decision to go big in September with a preemptive 50bps insurance cut, but which erred in telegraphing cuts at every meeti
