Trump 2.0
• US election. Trump’s decisive win has seen markets reprice the outlook. US equities outperformed, bond yields rose, & the USD strengthened.• Fed outlook. US Fed & BoE expected to deliver cuts tonight. But Trump’s agenda points to fewer Fed rate reductions over 2025.• AUD vol. AUD whipped around by US election results. Prospect for higher US rates suggests the AUD may linger in the mid-$0.60s for some time. The US election has been a major market moving force over the past 24hrs, and the result is likely to be a significant factor that influences how things pan out over...