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John Authers

A Classic ‘Reverse Ferret’ Gets Up Markets’ Trousers

Frenzied contortions are everywhere you look in the scramble to adapt to a new narrative on rate-cutting, inflation and recession.

Quick as chaos.

Quick as chaos.

Photographer: Warren Little/R&A/Getty

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To capture what’s happening in global markets, think of a ferret in a newsroom. Back in the heyday of Fleet Street, Kelvin MacKenzie, one of Rupert Murdoch’s favorite tabloid editors, would yell, “Ferret up trousers!” when a big story broke and everyone had to drop what they were doing to work on it. If that story then turned out not to be true, even closer to deadline and requiring desperate work, he’d shout, “Reverse ferret!”