A look at the day ahead in European and global markets from Ankur Banerjee. The risk rally that has been raging since the Federal Reserve’s dovish tilt in December is pausing for breath as 2024 awakes markets to the prospect the central bank’s interest rate cuts may not be as aggressive as investors expected. Markets had been pricing in as much as 160 basis points of cuts in 2024, double than what Fed projected, but the New Year has led traders to reassess their outlook, with markets now pricing in less than 150. That reassessment might end up being temporary and traders may go back to expecti…