It is problematic in my mind that the market is pricing in so many rate cuts right now. The market is overdoing it.
There's this notion of a hard landing policy response to achieve a soft landing, that has got to be reconciled one way or another.
Traders have cemented bets in the swaps market that Fed policymakers will ease policy by as much as one percentage point by year-end.
The market's going to have to adjust at some point.
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