The last few months have been full of events. The Fed surprised with a larger initial cut of 50bp. Policymakers insisted this by no means set the standard pace, although the bar seems lower for new larger cuts. We saw the big reversal in the JPY as a more hawkish BoJ finally reversed the trend in the yen and led to a spike in market volatility in early August. From now on, the US election will be the next test for markets and the USD. In addition, geopolitical tensions are rising and volatility is awakening.