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All the President's Men
- This week's US Fed and Bank of England decisions were as expected, with the former cutting by 25bps and the later holding.
- Therefore, it looks like a solid majority on the FOMC is in favour of a cautious approach to rate cuts from here.
- One outlier member sees 150bps of rate cuts for 2025 as appropriate, which most Fed observers have attributed to the President's man, Governor Miran.
- For the Bank of England holding its rate at 4%, the only notable development was the continued split in voting.
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