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The stock market has incorrectly priced in dovish Fed pivots six times in the last few years, and now it's attempting to do so for the seventh time. Strategists at Deutsche Bank caution that the market has been too early to price in cuts previously, but it's uncertain if this time will be different. There's an interesting visualization by DB showing the market's attempts to price in a Fed pivot, indicating the timing of the first cut based on market pricing. The story of November has been the market's pricing of a dovish pivot for the seventh time since the global rate cycle started to turn two years ago. The monetary policy cycle is turning, and there's a concern about a rotation within the stock market, particularly for US growth stocks.