Well, a brand new year will mark the changing of the guard so to speak in terms of voting members at the Fed. And we will get to that in a couple of days' time, so it is important to understand the dynamics of the situation especially since we're entering a rather delicate timeline for the central bank. The Fed managed to sneak in one final rate cut for the year earlier this month. However, markets are taking on the view that the next move will need a lot more convincing. As things stand, the next full 25 bps rate cut is only priced in for June 2026 with there being ~60 bps of rate cuts priced in for the year ahead. ... (full story)