Stocks are rallying on the expectation that the Federal Reserve will cut interest rates by 25 basis points in September. That should be positive for corporate earnings. However, those expecting volatility to quiet down may be disappointed. First, lower interest rates may push inflation higher. At the very least, an accommodative Fed policy is likely to keep interest rates above the Fed’s target rate of 2%. Geopolitical events appear to be ratcheting up. Both of those factors explain why central banks contin ...