Maleeha Bengali is CEO of MB Commodities Capital, based in London.
Recent Articles By The Author
Cash is king from a risk vs. reward perspective.
The market is cheering for rates to be cut, but forgets they are being cut on the back of global growth collapsing, which is negative for risk assets.
The Fed needs the justification from the data to be able to cut -- it does not have that green light yet.
Product demand remains tepid at best and OPEC has downgraded its oil demand growth for 2019.
We only see sustained rallies at the 'end' of a Fed rate-cut cycle, so we're likely not past the storm yet.
It's important to take a step back and see what is happening across asset classes.
Powell may have his hands tied behind his back, as consumer spending, inflation and labour market indicators are still resilient.