Quick post on monetary policy The table below shows what CME futures have priced in when it comes to rate cuts. That is 2x 25bps cuts between Powell's last FOMC (in April) and December 2026 (Powell would step aside in May). Let's now take Miran for example as proxy of what the Trump camp wants. MIRAN: APPROPRIATE FED FUNDS RATE IS ROUGHLY 2% TO 2.5% (Sep/25) MIRAN: THE POLICY HAS GOTTEN ABOUT 1.5% POINTS TIGHTER THIS YEAR, DUE TO RAPID RISE IN THE NEUTRAL RATE (Oct/16) MIRAN: DIFFERENCE WITH POLICY VIEWS OF COLLEAGUES IS MORE BASED ON SPEED OF CUTS THAN DESTINATION (Oct/16) MIRAN: PREFER 50 BPS CUTS TO REACH NEUTRAL, WHILE MOST COLLEAGUES FAVOR 25 BPS STEPS (Nov/6) The Trump camp wants faster and bigger cuts, many of them. The Fed only cutting 50bps between the new Fed Chair's FOMC in June and December 2026 falls short. That's why I sustain an ultra dovish Fed Chair appointed by Trump is not priced in.(Alex Krüger)