4.24.24 The Patient Pause
It seems like we just can’t stop talking about the Federal Reserve (Fed). After an aggressive rate hiking campaign that we think ended last year, markets were expecting the Fed to start cutting interest rates as early as next month. But with an economy that continues to surprise to the upside, along with inflationary pressures that are still too hot, it seems it will still be a few months before we get any of those rate cuts.
And the bond market may have finally taken the hint. After numerous attempts to “front-run” rate cuts in 2024, the bond market is now taking a less aggressive stance on cuts than even the Fed has sug
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