BofA just moved the goalposts again. Three hikes in 2025, no cuts until 2028.

Remember when "higher for longer" felt extreme? Now we're talking about a half-decade of restrictive policy.

The market spent two years pricing in cuts that never came. Now it has to price in hikes nobody saw coming.

This is what happens when inflation refuses to cooperate and the economy refuses to break. The Fed doesn't get to declare victory. It gets to keep fighting.

Anyone who bought duration or levered growth because "the pivot is coming" just got reminded: the market doesn't owe you a soft landing.