This morning has brought news which made me double-check it. So without further ado let me hand you over to the Financial Times. Please do not adjust your sets. Investors have increased bets that interest rates in the Eurozone could rise next year even as the US continues to lower borrowing costs, in a shift that could further weigh on an already weak dollar. Swap markets pricing now implies that the European Central Bank is more likely to increase rates in 2026 than cut them. There is a sub-plot there about the US Dollar and hence the Euro which reminds me that the existing Euro rally has as I noted yesterday ... (full story)