Markets have preceded the Fed in a dovish policy pivot since late 2018. To the extent that they are already optimized for rapid big-splash easing, commentary suggesting the central bank will continue to follow investors’ lead might have relatively little scope for further adjustment. Worries about the dire conditions that would compel such actions might sour sentiment however, boosting haven US Dollar demand. On the other hand, rhetoric amounting to pushback against would-be dovish excess in the markets’ view might force traders to reprice expectations to a more modest setting. Not surprisingly, the Greenback ... (full story)