, Columnist
Two Jumbo Cuts Were Too Much to Hope For
Strong jobs report puts another 50-basis-point Fed easing in November out of the picture.
No room for two. (Phinda Game Reserve, Kwazulu Natal, South Africa.)
Photographer: Hoberman Collection/Universal Images Group/Getty Images
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Data-dependency is exhausting. August and September opened with big market selloffs in response to US data. October’s numbers have had the opposite effect. The long ascendancy of stocks over bonds, proxied by the biggest exchange-traded funds covering them, has been reasserted: