The Fed eased pressure (rate −25 bps, balance sheet reduction halted) without turning on the money printer. The market’s main lever is U.S. real yields. If they drift lower, that supports the euro and...
Executive Summary Policy rate: Cut by 25 bps; December remains data‑dependent. QT: Halted from Dec 1 after ~3 years of balance‑sheet runoff. UST purchases: Potential targeted, technical buys to smooth money‑market plumbing—not broad stimulus....