US Fed restarts its cutting cycle
• Fed moves. US Fed cut rates by 25bps & flagged more down the track. But this was priced. A burst of vol. overnight. AUD slipped back from ~11mth highs.• Rate cuts. Chair Powell labelled it ‘risk management’. But negative labour market trends point to a steady stream of Fed rate cuts, in our view.• Data flow. Bank of Canada also cut rates overnight. NZ GDP weaker than expected. Australian jobs report out today. BoE set to hold steady tonight. Global Trends The US Fed policy meeting was in focus overnight. The outcome generated a bit of volatility due to...