Markets now have a BASE CASE of 6 interest rate cuts over the next year.
The base case shows rate cuts at every meeting remaining in 2024 starting in September.
Discussions of a 50 basis point interest rate cut have even begun to emerge.
This feels a lot like January 2024 when the market went from pricing-in 3 rate cuts in 2024 to 7 in a matter of weeks.
The only way rate expectations can get more dovish this year is if the Fed starts cutting rates by 50 basis points.
What happens if CPI inflation begins to rise again?
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