The Fed's 50bp first cut and China's sudden conversion to stimulus leave little doubt as to policymakers' commitment to achieving soft landings. But many risk assets were fully priced before the easing even started. Which result is more likely: benign global boom, or bubbles and bust?
More striking still, elevated rates vol and a record spread of dots in the FOMC dot plot reflect a level of uncertainty which is only just beginning to be reflected in other markets.
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