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The Federal Reserve's patience never excluded a rate cut, should conditions warrant. The acknowledgment of this without signaling a change in its stance is being seized to justify aggressive pricing of rates. At the same time, there has some tempering of trade anxiety on the margin that is also constructive. Asia and European equities were pulled higher after the strongest rally in several months in the US. The Nikkei gapped higher, leaving a two-day island in its wake, after gapping lower on Monday. Chinese shares were narrowly mixed. The Dow Jones Stoxx 600 is