Equity markets have finally got into the festive spirit, with a fairly broad-based rebound underway. In part, that appears to reflect renewed hopes for more Fed easing, which we think will ultimately prove misplaced. But the reason we expect the FOMC to only deliver another cut or two is that we are optimistic on the economic outlook, which we think means any resultant sell-off in Treasuries wouldn’t threaten equities’ gains.
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