Zed Francis says Fed chair Jerome Powell "waved the white flag" at Jackson Hole, believing he listened to calls from his committee that it was time to signal a rate cutting cycle. He says there's "no reason to go against the market" and expects a 25bps rate cut. When it comes to cuts ahead, Zed sees the committee setting up a "game plan" for the dot plot and will present it through a "unified front." He gives the case that it will be difficult to see a rally in bonds following Wednesday's interest rate decision.