DBS said the market expected a series of rate cuts from the Federal Reserve, but aggressive market pricing could be disappointed and ultimately cause panic. Economist Taimur Baig wrote in a note: "Inflation below 3 per cent and policy rates above 5 per cent tend to be difficult to co-exist, so some monetary easing is necessary. But the rate cuts reflected in the market appear to be too large. For the yield curve to reflect rate cuts of more than 200 basis points over the next 16 months, the US e...