A number of factors coming together at the same time because we have the stress in AI of course, but it's also at the point where there's debate about whether the Fed can cut in December and a pricing out of those expectations, and the fiscal package and the concerns it raises for yields in Japan.

I wouldn't quite characterize them as turning more hawkish. In our view, the labor market still justifies heading into rate cuts. We still think they've got twice by time we get to the end of Q1.

The reality is we've got a bit of data fog. We'll skip a month in labor market data and we won't get the November data until after the Fed meeting.

If we zoom out and look at the data beyond just these two indicators, new job creation, turnover in jobs, all of that in our view still points to cutting rates from what are still somewhat restrictive levels.

We've always been of the view that the bigger picture de-dollarization story is a very long term one. What we're seeing is a reversal of two factors: one is simple counter-trend after one of the weakest USD years in decades, and US asset performance has been surprisingly good.

If US interest rates are indeed headed lower, if US bond yields are headed lower, then we still think that will go for a gradually weaker dollar. That's unlikely to change.

We wouldn't let go of the technology sector exposure - momentum strong, earnings still delivering. But there are two things investors can do: within the US, many other sectors not related to AI still look interesting like pharmaceuticals and utilities.

The other is to look at markets outside the US because the entire valuation debate is very US-centric. Asian equities in particular should benefit from domestic stimulus.

Look at Indian equities - as we get reports that they are closer to US-India trade deal taking away some of the headwinds, that can also help benefit broader exposure.