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Fed chair has ‘out-doved’ the market and raised expectations of rate cuts
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...We should not rely too much on higher long-term rates to do the Fed’s work for it. Nor is the Fed relying too much on long rates....
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...Its focus from now on is not how high rates should go, but how long they should stay at elevated levels....
...That will be all the more true if Donald Trump is sworn into office in January 2025 and starts dismantling the IRA (business needs to start thinking long and hard about what Trump 2 would mean more broadly...
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