The market is starting to accept a tougher rate path.
Rate cuts are no longer the base case right now
and expectations are shifting toward steady rates for most of the year
with even some chance of hikes showing up again by 2027.
That is a meaningful macro change
because markets were much more comfortable when cuts were still part of the story.
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#Fed #TrumpSeeksQuickEndToIranWar #CLARITYActHitAnotherRoadblock #Trump's48HourUltimatumNearsEnd #AsiaStocksPlunge