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QE trade "animal spirits" were back with a vengeance on Thursday, following yet another dovish surprise from the Fed.
Let me just say, right off the bat, that there is no "Cliffs Notes" version of this. I'm going to hit the high points for readers on this platform, but it isn't possible to capture all of the nuance or to elaborate on all of the key points in a way that's amenable to concise treatment. As usual, I'll provide three links to more in-depth takes for anyone who wants the details.