Disbelief

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The market is underpricing the potential for President Trump to get more Fed cuts. Short term interest rate futures have consistently priced the trough of the cutting cycle at around 3%, regardless of Trump's aggressive demands or the weakening labor market. Market participants appear anchored to the median neutral rate of the Powell Fed even as there is significant reason to think the Trump Fed would have a different view. A 2.5% trough is a […] Click here to Subscribe! The post Disbelief appeared first on Joseph Wang.