The Fed finally cuts the Fed Funds rate and moves to an easing path which shockingly (sarcasm), gave equity investors another reason to send stocks higher. Treasuries though said "meh", and yields even rose at the long end of the curve.

We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!

None of the three major central banks that had monetary policy meetings this week – including the Fed, the BoE and the BoJ – changed their monetary policy approach, although central banks in Switzerland, Sweden and Norway all eased. Markets remain slightly on edge because of the growing Middle East conflict.

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