A few days ago, I attended a financial conference with a large collection of some of the most powerful and savvy asset managers in America. When asked to vote about the likely path of US interest rates, almost two-thirds of the participants suggested that the Federal Reserve would cut rates this year, rather than keep them neutral (or raise them).

Yes, you read that right. Less than two months ago, the Fed finally embarked on its long-awaited (and heralded) tightening move. It then signalled that it expected to see four rate rises this year. While investors did not entirely accept this, the Fed Funds futures market suggested that two, not four, rises were likely in 2016.

But if the group of investors I saw was representative (and I think they are), a US rate cut is now the majority view. Talk about a mood swing; this makes a teenager look consistent.