Last week’s Fed meeting was an important catalyst for markets. In the run-up to that meeting, expectations for Fed easing built, which helped pull down longer-term bond yields all over the place, giving a respite to fiscally challenged sovereigns like France. That respite is over. Market pricing for Fed cuts has pulled back, causing longer-term yields to resume their rise, with France once again under pressure. The most notable move is in gold, which keeps rising even as the Dollar is stable against the rest of the G10. This means gold is a refuge from fiat currencies generally, not just the Dollar, as markets hunt ... (full story)