18 August 2025 | 7:26AM EDT Global Market Views: Easing in Season 1. Growth versus Policy. The central macro question over the next couple of months is whether the stall-speed US economy morphs into something worse, or whether Fed policy easing manages to offset the trade war damage. The central market challenge is finding expressions that provide leverage to the Fed easing that we expect, but that still protect from deeper economic recession worries if they materialise. Despite the moves post-July payrolls ...