The Financial Post reports in its Wednesday edition that December's whipsaw opening shows investors may be concerned November's epic rallies went too far, too fast in anticipating a soft landing for the economy. A Bloomberg dispatch to the Post says that Wall Street kicked off this week with losses for stocks and bonds in a sign that traders' aggressive pricing for early, rapid U.S. Federal Reserve rate cuts in 2024 may have overshot. The Toronto market was up 7.2 per cent in November, but similarly followed New York markets lower Monday and Tuesday. "My gut says that the market has baked in slightly more than enough cuts for the strength of economic data for the U.S. right now," said Amy Xie Patrick at Pendal Group in Sydney, Australia. The reversal underscores the risks that investors face as they double down on bets that slowing growth and inflation will force the Fed to execute a policy pivot. It is a trade that stands to pay off handsomely if rate cuts materialize, or backfire spectacularly if U.S. policy-makers opt to keep borrowing costs higher for longer. Treasuries jumped 3.5 per cent, their biggest monthly advance since 2008. The 9.1-per-cent surge in the MSCI global equity index rivalled 2020's rallies.