It’s a New Year and there is change in the (polar vortex) air. Not only will a new administration be entering the White House in two weeks (tax cuts??), a solid US economy is providing investors with the feeling of “good news is bad” for the outlook of future Fed rate cuts. Chairman Powell and his Fed heads have been guiding markets for fewer cuts in 2025 (to start), but economic data continues to be robust enough for bond traders to push out their next cut estimate (to June from May). Today’s…
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