Where the first six months of the year was driven by a dramatic shift in the global market picture following the Fed's pivot , what followed was a summer and early fall that can be characterized as noisy. Global investors have had to deal with persistent US-China trade tensions amid a global economic slowdown, China's attempted rebalancing away from a credit financed investment led growth model, Brexit, repo market issues, etc. Yet, the market backdrop from a price action perspective has not changed very much over the last four months. The US 10-year yield remains in a downtrend with only initial signs of a potential bottoming process. By the end of Q4 2018, market participants had already begun to anticipate that the Fed would be forced to react to what has turned out to be a deceleration in domestic and global economic growth for much of 2019. Asset managers did this by sending yields on the safest sovereign securities lower first before floodi...