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Is the equities party about to end, or at least start to wind down? Uncle Sam tried to nudge revellers towards the door, in the name of deficit reduction – raising payroll taxes by two percentage points in January, and imposing across-the-board $85-billion (U.S.) spending cuts, known as the “sequestration,” at the end of February. If March was last orders, it was a fine hurrah as the S&P 500 rallied 4 per cent.