Time for a bit of context? The forecasted funds rate for the end of 2022 at the end of 2021 was 0.9%. Point being, prognostications can change. And in a big way. But therein may lie the problem. The Fed is contending with some credibility issues due to their lagged reaction to the plague that is inflation. After a roundly interpreted as dovish speech last week, with a series of disinflationary data points that followed (PPI notwithstanding-ish), the week was set up for that narrative to continue.
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