Monday Macro – what to invest (according to asset allocators), vol spikes and big government debt

US interest rates come down at last but the UK pauses.

I’m away in sunny (I hope) Italy next week, so no letters next week.

Last week was busy in Macro land. At long last, the US Federal Reserve cut interest rates by a confidence-boosting (for investors) of 0.50%. The UK paused any further cuts, pushing the sterling higher again. My guess is that the US Federal Reserve will probably pause for now, echoing th…