U.S. shares are already more expensive than they were back when interest rates were stuck at zero, leaving little room for outperformance as the fed-funds rate comes down. Meanwhile, corporate profit margins look unsustainably high.

The dollar steadied on Wednesday as stronger-than-expected U.S. retail sales had traders slightly trimming bets that the U.S. easing cycle will begin with an outsized interest rate cut.

Mostly tight-lipped on the Fed, Harris responded to Trump’s initial insinuation in August by reaffirming the Fed as an “independent entity” and vowing to “never interfere in the decisions that the Fed makes” if elected president.