The Fed is going to cut rates by 25 bps tomorrow. However, will they be explicit about a pause in January or even perhaps longer than that? That is the key question right now and traders will look for clues on that in the statement tomorrow as well as Powell's press conference.
So, will the Fed vindicate all of that? Or are they going to keep their options open and rein in the dollar? If it's the latter, we might be due a Santa Claus rally for risk assets this year.
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