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Reproduced with permission from a chart by BlackRock; Chart: Axios Visuals

Two weeks ago, we wrote about the end of quantitative tightening, highlighting the European Central Bank and Bank of Japan's reversal of expectations to end their stimulus programs and begin reintroducing above-zero interest rates to their respective economies.

The big picture: The market also is expecting U.S. monetary policy to ease, with Eurodollars futures pricing an interest rate cut from the Fed as more likely than a hike this year as early as December.

On the fiscal side: The U.S. is coming off of close to $2 trillion in government stimulus; Japan recently signed its largest budget ever; and in Europe Italy and Spain are ramping up public spending, France has pledged to cut taxes and increase wages, and Germany is considering tax cuts.

What they're saying: "Global stocks kicked off 2019 with a bang ... A key impetus: a big shift in policy expectations across the globe," BlackRock's global chief investment strategist Richard Turnill wrote in a note to clients.

What's next? The easing of financial conditions globally are likely to stabilize growth in the second half of 2019, Turnhill says.

Yes, but: "We caution against chasing the rally in risk assets, particularly in areas vulnerable to growth downgrades, geopolitical risks or sudden shifts in supply/demand dynamics."

Go deeper: The end of quantitative tightening

Go deeper

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
7 hours ago - Politics & Policy

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What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

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Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.

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