Indosuez Wealth Management says markets are pricing the Fed and ECB materially more hawkishly than its base case. Strategist Lucas Merrick and portfolio manager Alexander Bell expect growth to remain steady and inflation to normalize gradually, which would limit scope for further tightening. They add it may take time for sufficient underlying inflation and growth data to accumulate for that scenario to materialize; in the meantime bond markets should stay volatile. Money markets currently price

美联储威廉姆斯：通胀预期锚定良好，薪资增长与目标一致。

Plato Investment Management’s head of long-short strategies David Allen said Thursday’s selloff reflected investors confusing AI’s transformative potential with whether related investments will produce returns; the Nasdaq 100 plunged as investors sold US tech amid speculation congressional Democrats will tighten AI regulation. Allen said hyperscale cloud providers are locked in a survival competition and that midterm election results served as the immediate catalyst for the decline. Antipodes Partners portfolio manager Vihari Ross said the selloff is a market-led reassessment of the practical constraints on the next phase of AI investment — heavy debt financing (making funding costs and interest rates critical), the need for large, reliable power supplies, and whether end demand can sustain current assumptions.