Last week's widely anticipated 25-basis-point cut in United States interest rates has met with a muted market response, arguably signalling to longer-term investors - and to a likely frustrated US President Donald Trump - that this was largely a non-event.
While there were key data points - most notably inflation - that supported the case for the directional change, it is hard not to feel that Federal Reserve policy is being shaped more by political pressure than concern around a potential meaningful contraction in economic activity.
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