This week's two major markets have a change in "core narrative"!
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Nomura's Charlie McElligott believes that "over the past few days, there has been a significant change in the two core narratives of the market": Google's large model capabilities have surpassed OpenAI, ushering in an "alternative" DeepSeek moment; the Federal Reserve's Minutes show that the number of committee members "unwilling to cut rates in December" exceeds those "willing to cut rates," while the market is "dead set against the Federal Reserve."
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