Are 2023 Fed Cuts ‘Inevitable’?

I suppose this goes without saying, but US rates are more pessimistic about the macro outlook than the Fed. Or perhaps it's more accurate to say the market is free to express a view on the outlook in a way policymakers aren't. If you're a Fed official, there are two reasons why putting on a brave face for the public is imperative in 2023. The first reason is just the tired, old "nothing to see here" joke -- you want to foster a sense of calm when something's amiss, and in this case what's amis