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April 20, 2024   It started in November. It may end in April. One of the most pronounced five-month equity rallies in recent memory finally hit a wall this month amid a discordant symphony of Fed backpedaling, war drums and a shrill whistle from the tea kettle that is America's "exceptional" economy. It's true that pricing for the Fed trajectory tends to overshoot. Expectations for easing in 2024 certainly got ahead of themselves earlier this year, when traders were looking for half a d