The Fed Starts Easing Interest Rates and Global Markets Shift Gears: The new cycle touches everything from bonds to currencies,

The US central bank finally started cutting interest rates after years of hikes, a move watched with cautious anticipation worldwide.

Latest indicators show easing inflation pressure yet leave labor-market tension.

Emerging markets typically wait for such a decision to adapt to foreign-fund flow shifts.

The new cycle touches everything from bonds to currencies, and any surprise in the pace of cuts recalibrates the math.