The Battle Between the Market and the Fed

The Fed funds futures had been continuously pricing in cuts for 2023, despite the fact that the Fed was saying, bad chance of that. Well, you know what's happened? Fed funds futures have moved to the Fed because there are no rate cuts now priced in for 2023. And yet the market, the stock market, has had an ability to say, okay, we can deal for the moment with no cuts and we can keep the trend intact. The picture on inflation is different today than it was six months ago.