A rate cut will partly satisfy dovish capital markets, however, which have priced in a cut as a near certainty, with some even anticipating a 50bp move. A cut might also partially appease political pressure from a US administration pushing for significant easing. But by front loading rate easing, the Fed runs the risk of loosening before the inflation genie has been put firmly back in the bottle. This raises the danger of repeating its mis-steps last September, when the Fed trimmed rates by 50bps under ma ...