Data releases have cooled enthusiasm for a 50bps rate cut at the upcoming FOMC meeting. We continue to push back against the narrative that data are trending much weaker and this will require larger rate cuts in the next few months. In Europe, the ECB lowered rates by 25bps to 3.5% this week and further cuts are expected. Comments from Bank of Japan policymakers have continued to highlight an expectation of future tightening.
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