Major shifts underway in market expectations for Federal Reserve interest rates ...Middle East

This week there have been some big shifts on the market's thinking around the path of Fed policy. Given the market moves, it's no surprise that's in a dovish direction.At the start of the week, the Fed funds futures market was pricing in 74 bps of rate cuts by the end of 2024. That's up to 99 bps now, so a full rate cut has been priced in.At the same time, the timing of cuts has moved up. The market now sees an 80% chance of a cut in May with 50 bps of cuts priced in by the July 31 meeting.Some of these moves are a reflection of the possibility of a hike in December or January being priced out after the Fed decision. In his press conference, Fed Chairman Jerome Powell was in no rush to push

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