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The Market Is Anticipating Cuts in Q1
At one point, it was inverted by as many as I think 25 dips. What effectively that means is that the market was anticipating the Fed was going to either pause or potentially even cut at some point between the December meeting of this year and the March meeting in 2023. But with these recent prints and the last FOMC, we saw this huge rebound to now where, as of today, I think there's only four or five dips between it uninverts.