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And JPM economists said "markets price......>

US VIEW
US VIEW: And JPM economists said "markets price this dovish risk bias" by
Developed Market central banks "persisting ,but developments on the ground are
shifting. We have argued that global growth is rebalancing as disinflationary
shocks that generated wide regional and sectoral divergences fade away. As EM
growth has moved back to trend, manufacturing aligns with overall GDP growth,
and profits bounce, the removal of weak links reduces global-divergence tail
risks. This shift is reflected in capital flows and rising equity prices. It
also helps explain this year's dollar decline. Perhaps most important, it bodes
well for sustaining above-trend growth over the coming quarters, a point" last
week's "rising August flash PMI readings reinforced."
- They add "Fed's recent focus on financial stability signals that these changes
are affecting central bankers' assessment of risk. The staff actively debated
the issue at the last meeting when it nudged up its concern about asset price
valuations from notable to elevated. More recently, NY Fed president Dudley
cited easing financial conditions as a reason to continue raising rates even
though inflation remains below target."

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