“Alexander never did what he said, Cesare never said what he did”
— Niccolò Machiavelli
Oof! Had the Fed not anchored expectations earlier this week, we would be witnessing a total bloodbath right now in USD short-term interest rate (STIR) markets. The two pillars of the 2024 investment outlook—more Fed rate cuts than guidance and a stronger Yen (JPY)—are quickly un...
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