They won't be satisfied with just Britain. Their presence is extending to Germany, Italy and emerging markets.
A brief fling based on flimsy intuition leaves them back where they started.
The Fed and the U.K. government cast a pall on policy making.
A discouraging economy took a backseat to technicals and relative valuations.
The Fed needs to improve its analysis, forecasts, policy responses and communication.
Genuine value is being restored and government bonds are mitigating risk again.
The central bank has to regain control of the inflation narrative to avoid inflicting more economic damage.
It probably won't be possible unless the economy worsens considerably or the central bank slips again.
Worries about growth and earnings are joining concerns about higher interest rates and tightening financial conditions.
The reduction will have significant implications for the economy and financial markets.
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