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©Giorgio Galeotti

The Wall Street maxim “Don’t fight the Fed” has gained new currency since the financial crisis, a period when the United States Central Bank’s interest rate policy has become by far the most important consideration for investors in all sorts of markets. It’s a simple message: the Fed is far more powerful and has far more money than anyone else so betting against it is suicidal.

Over the past few years, the major central banks have kept base rates low to boost the appetite for credit and…

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