From the Desk of Ian Culley @IanCulley
The Fed abides.
Three rate cuts remain the base case for 2024. Everyone had this scenario penciled in, including the bond market.
The US benchmark yield is holding at the same levels as last month. T-bonds are catching a modest bid. And bonds are…well, boring.
Perhaps it’s not an ideal scenario for bond bears, but stock market bulls are welcoming the muted response…