The time has come
• Dovish Powell. US Fed Chair gave strong signals the start of the rate cutting cycle is approaching. Focus now on downside labour market risks.• Market jolt. Equities & commodities jumped, bond yields & the USD declined. AUD at the top of its 7-month range. EUR highest since mid-2023.• Event radar. Locally, July CPI (Weds), CAPEX (Thurs), & retail sales (Fri) are due. Offshore, Eurozone inflation & US PCE Deflator (Fri) are released. Markets ended last week on a positive note with the more dovish than anticipated message from US Fed Chair Powell boosting risk sentiment (see below). US equities...