‘Placeholders For When Something Goes Wrong’

There are a laundry list of reasons to cast a wary eye at the rate cuts traders currently expect from the Fed in the back half of 2023. The most obvious is that inflation isn't especially likely to be on a sustainable path back to 2% anytime soon, a condition officials have made clear must be met before the Committee would consider taking its foot off the brake, let alone tapping the accelerator, however lightly. We all know goods inflation is receding and if you're inclined to predict that pr