The Fed's Predictions of a Slowdown in the Rate Market

The rates market appears to be pricing in FedPivot, showing that they think interest rates are going to be cut later in the year. Some of those leading indicators, such as the S&P 500, maybe those investors await as long as possible before making a change. But you could argue that some of those investors have also anticipated a recession. And you've seen a real narrowing in the breadth of what is contributing to the moves in the S-P 500.