The Fed Sideshow

Investors overreacted to a bias to ease, the real show is the G20 meeting

In this week’s note, we are going to consider the range of outcomes for equities, credit and rates ahead of next week’s G20 ‘extended meeting’ between President’s Xi and Trump.  This week the Fed confirmed a bias to ease, in keeping with the ‘beggar thy neighbor’ policies of global central banks, ECB President Draghi ‘front-ran’ the Fed hinting at furth…