The market knows:
Futures are now pricing in 75 basis points, or more, of interest rate cuts by year-end.
Meanwhile, yields are rising with the 10Y Note Yield back at 4.30%.
Why so?
Tariffs are here to stay, inflation is heating up, and the US deficit spending crisis is worse than ever.
Keep watching the bond market.

This is unprecedented:
Core CPI inflation is back above +3% and PPI inflation is at its hottest since March 2022.
Meanwhile, President Trump is calling for a 300 BASIS POINT rate cut and is set to replace Fed Chair Powell.
Are you ready for what's next?
(a thread)

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