The U.S. dollar briefly rallied after the Federal Reserve’s 25bps rate cut to a 4%–4.25% range, but retreated as markets anticipated further easing, with two more cuts projected for 2025.

Intel stock jumped 28% after Nvidia announced a $5B investment and partnership.

The Bank of England is still biased towards cutting rates further, and we expect two to three further 25bp moves by next summer.

Nvidia’s long run of record growth faces its toughest challenge yet.

Goldman Sachs has experienced significant price appreciation, driven by strong momentum and positive market sentiment, though recent earnings indicate mixed fundamentals may temper expectations.

Fitch's downgrade of France's debt rating last Friday was expected. It remains to be seen whether Moody's and Standard & Poor's will follow suit on October 24 and November 28, which seems quite likely.

China's yield curve is being reshaped in a way that has created confusion across the spectrum.