The Fed have cut twice, and Evans's comments from yesterday aside, are expected to cut far more (we say to zero); the ECB have reintroduced QE already, at EUR20bn a month for now; the BOJ are expected to stir at this month's meeting; the PBOC are pledging to do what they can to get rates lower for firms; the RBNZ surprised a while back with a 50bp cut; and the RBA cut 25bp again to 0.75% yesterday, partly on the basis that 'everyone else is doing it so how can we not?' Moreover, that's just a sample of broader trend to slash rates, which also runs right across emerging markets too.

Crucially, the US is losing this race, and badly. The Fed is hardly a leader in this rate cycle, and more likely to be a laggard as things stand. Cue yet more withering commentary from US President Trump about that relative lack of action and the impact it is having on the USD. Meanwhile, EUR and AUD, for example, are heading downwards at a pace that their respective central banks will be quite pleased about. Just don't call it a race to the bottom, because that triggers nasty memories of periods of history that markets and politicians don't like to recall.