Darius McDermott: Rate relief or risk ahead?

As expected, the US Federal Reserve cut interest rates by 25bps at its September meeting. For stock and bond markets, it was an endorsement of its current bullishness, with equity indices hitting new highs and corporate bond spreads hitting historically tight levels. A rate cut is undoubtedly welcome, but could this bullishness have gone too far? Part of the market's enthusiasm has been not just the cut itself, but the Federal Reserve's change in tone. For much of this year, the Fed has struck a cautious tone, particularly in the aftermath of Liberation Day. Aegon Strategic Bond fund...