Interest rate futures traders are already paring back their expectations of when the Fed might tighten again while several big banks this week dovishly revised their 2016 outlooks for the Bank of England, European Central Bank and Bank of Canada.
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The timing of any volte face from the Fed isn’t yet reflected in market pricing, and examples from Sweden, Australia and the euro zone — where central banks were forced to reverse rate hike cycles — show it may not be until the last minute.