What Do You Expect for Federal Funds Rates?

Mark pricing for terminal rates across the major economies is extraordinarily low. In the us, it's a little over one and a half % for the nominal funds rate. That would basically mean a real funds rate that's still significantly negative. And effectively the market saying that our star, the neutral funds rate, or the level at which monetary policy neither stimulates nor restrains economic growth, is potentially even lower than in the past cycle.