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The sobering message from the Fed last night, trampling all over the stock market’s V-shaped recovery playbook, has punctured risk appetite today with concerns over a second wave of virus infections in the US bringing traders back to reality with a bump.Although the FOMC noted that the health crisis posed “considerable risks” to the economic outlook, it reiterated its willingness to add more stimulus if needed, including strengthening forward guidance. This continued dovish stance is risk-supportive on its own and should bode well for an extension of the risk rally.But Covid-19 is... Read More

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