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Focusing on the end of the Fed’s easing cycle
With the release of the Federal Reserve’s preferred inflation gauge of inflation at the end of this week and a flurry of policymakers scheduled to speak in the coming days, market debates over when the US central bank will start cutting interest rates are likely to continue. Since the beginning of the year, investor expectations on Fed cuts have been one of the major drivers of market sentiment. However, the end point of the Fed’s easing cycle is often overlooked, and we think the destination of rates matters more for the investment outlook, not the beginning of the journey. Equities have risen despite the ... (full story)