Something that will throw the 'Cat among the Pigeons' is the commodity cycle turnaround, which will likely lead to less or no interest rate drops, because of the kick on effect to inflation.
The FED is seeing everything as tight, including the upward pressure on wages because of the downward pressure on employment (early retirements + onshore sourcing) = hesitation and potential downward pressure on equities.
An interesting dynamic.
Ann: Half Year Accounts, page-34
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