Further mixed-to-weak US economic data and sharp falls in the equity markets last week means that, rightly or wrongly, the so-called “Fed put” is now back in the spotlight. Our sense is that it would still take a significant further deterioration in the data (or financial stability) to generate the pace of policy easing now discounted in money markets, never mind the sort of extraordinary measures the FOMC has taken in past “Fed put” episodes.
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