The narrative always matters……three shifts in the narratives that matter…….

JACKSON HOLE The basic narrative of the Fed…..albeit with two ‘politicised’ dissenters….had been that despite intense pressure for a cut in rates….the Fed was in no hurry to acquiesce until it had more data that confirmed or denied the state of Inflation and any Tariff related resurgence. So…….when JPOW stood up on Friday….the market had...

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