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...
Fed/EZB Setup: Soft Fed, Cautious ECB The Fed cut –25 bps and hinted at additional reductions in 2025. The ECB is on a “cautious pause.” Global funds are buying U.S. assets while hedging USD...