View: Investors will reward measures for growth, see any Fed easing as DXY positive
Often the market makes demands on policy makers and often they are unwarranted, triggered by swings in short-term sentiment rather than changes in trend. However the monetary policy decisions we’ve seen over the past week or so seem to be somewhat different, highlighting a number of key issues that run deeper and are likely to have prolonged implications for markets and possibly mark the trigger point for the breakdown of some of the relationships that have driven markets since the onset of the financial crisis. More specifically we think we could be at that point where growth steps into the driving seat as investors focus more directly on debt sustainability. Central bank stimulus, or lack of it, should also be seen in this light. The impact of resultant interventions are also likely to differ to the inflationary effect we saw previously, be it equity prices or commodity moves.
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