Over The Last 2 Months:

1. Futures have added 140 basis points of rate cuts

2. The 10-year note yield is down 120 basis points

3. Average 30-year mortgage rates are down 130 basis points

4. The S&P 500 is up 16% in just over 40 trading days

5. US Dollar Index has fallen 7% on Fed pivot talks

All while core inflation is still roughly double the Fed's 2% inflation target.

This can't be what the Fed wanted.

Expectations must be managed or inflation will return.

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