A c t i o n | 10 Sep 2025 16:33:07 ET │ 17 pages Global Macro Strategy Correlation Corner #2 – What works in a dovish Fed environment? CITI'S TAKE We investigate how x-asset correlations shift in periods of reflationary Fed policy stances. Last week we built a proxy for the Fed's policy stance, showing that the market's terminal rate pricing was low vs fundamentals (for good reasons – labour market and FOMC reconfiguration risks) but still had room to move lower vs history. We demonstrate how realized 6m co ...