Global Daily: More two-screen analysis... for now

Two-screen analysis’ continues today… for now. On one, it’s the Bank of Canada and Fed rate decisions. For the BOC, we expect a 25bps rate cut to 2.25% to be the end of its cutting cycle. For the Fed, we also expect a 25bps cut to 4.0% but don’t think they are done cutting yet. However, as geopolitical/geoeconomic developments play out on the second screen, is the Fed headline that matters more that Trump is floating Treasury Secretary Bessent as Chair – and not at the expense of his current role(?)