Major central banks’ unconvincing mix of policy cuts and pauses last week shows they are struggling to regain the global rates narrative. Amid the uncertainty, relative value opportunities are emerging.As expected, the U.S. Federal Reserve last week lowered interest rates by 25 basis points, giving the markets what was priced in, but disappointing in providing forward guidance.Overall, the sense is that the Fed lacked solid conviction behind its decision, reflecting a wide dispersion in the views of the Federal Open Market Committee members on the economy and how best to manage a weakening labor market and ... (full story)