Ok, I'll have a go at this! Atm BOE and ECB are trying to sound hawkish but markets dont believe it; cos as you say Eurozone is in recession, UK is close behind, US not but this is prob based on the Inflation Reduction Act blast of cash blowing through. So I reckon, (probably wrongly!) markets are more right than wrong, and the UK/ECB will fold very quickly in '24 as the economic reality hits home, and the last year of rate increases which are still taking effect will need to be reversed (and remember the UK is actually un-winding QE which is what really destroyed the short lived Truss premiership, and that wont last either). They will have to go lower than the Fed; they simply cannot out-compete the US, and the role of the Fed is to protect the petro-dollar, at any cost, which they will. For markets, this rush of liquidity then begins the build up to the next asset bubble, which will take place alongside the 'real' economy still being in pieces. Which, understandably, is really gonna piss people off.