To The Moon

After the latest blockbuster jobs report Friday showed continuing strength in the economy, more traders are betting the Fed may cut the benchmark federal-funds rate just once or twice this year, fewer than officials' last median forecast of three quarter-point cuts. And a handful are even starting to wager that the central bank will leave rates where they are.The shift could pose a challenge to a stock-market rally built on the hope that the economy would slow enough for the Fed to lower borrowing costs from multidecade highs above 5%, but not enough to start a recession. Instead, the prospect of growth and inflation keeping rates far higher than anticipated just months ago has rattled markets, sending the Dow Jones Industrial Average to its worst week since March 2023. Stocks recovered some ground after Friday's jobs data, but the blue-chip index finished the week down 2.3%.Yet as the economy has proved stronger than expected, investors have slowly walked back those bets. Futures tied