Fed expectations are getting tighter, not looser.
Milan’s latest comment points in that direction.
He said there may be only three rate cuts for the rest of this year. That is important because it pushes back against the idea of an aggressive easing cycle. The message here is more controlled: yes, cuts may still come, but the pace could stay limited.
For the market, that changes the tone a bit.
When the number of expected cuts starts looking smaller, it usually means policymakers still do not feel comfortable moving too fast.
So this is not a dovish green light.
It is more like a reminder that the Fed may ease, but not as freely as some people want.