The Fed's Narrative of a Pivot

Last year, what sparked the rally is widespread talk of a pivot. This year, we continue to raise rates and the market seems to shrug it off. I think we're now at the point where we can say convincingly that people aren't expecting interest rate cuts this year. And so yes, we can hang out at the short end of the curve if I'm expecting 3,800 and reap 5.5% in various instruments of short duration. While I've missed this rally, I certainly did not participate in the way that I would have liked and did not see this one coming.