Here come the interest rate cuts. Finally! Today, futures markets are pricing the odds of a 25 basis point September rate cut at 100% (in fact they are pricing in a roughly 25% chance of 50bps). Additionally, Federal Reserve(Fed) Chair Jerome Powell all but guaranteed the Fed would begin loosening monetary policy during his recent speech in Jackson Hole. Does this materially change our outlook and where we see opportunities going forward? Not really.

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