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The hawks are ruling 2024 so far… but not really

A hawkish mood has prevailed in markets this year, and comments from the Fed’s Waller today seemed to add fuel to that fire, at least initially. But given how aggressively rate cuts were priced in late last year, investors are still discounting a huge amount of easing in 2024 and 2025 – rightly so, in our view.

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