Chanticleer

Ray Dalio’s right. Wall Street’s big message doesn’t make sense

Can US financial markets continue to ignore what’s happening in Washington with Fed chairman Jerome Powell and trade policy – and on Main Street?

Jul 23, 2025 – 9.15am

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Every month, Deutsche Bank takes a survey of what it calls the biggest dislocations in global markets. They’re the contradictions, quirks and things that don’t add up.

The latest report, released on Tuesday night, contains some doozies, but one stands out. Current bond market pricing, Deutsche says, suggests the Federal Reserve will cut US interest rates by 1 per cent over the next six to 12 months.

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.