🏦📊Fed Pricing Continues to Pare Rate Cut Bets: Cable FX Macro

• The market reversed its Fed pricing course since mid-January when expectations saw 160bps of easing for 2024. The move extended into less than 100bps after the January CPI report

• As of now, swaps halved rate cut bets from where we were a month ago

• Back in November, a dip in inflation readings sent markets to scale Fed easing expectations while risk assets rallied. December 2024 pricing has erased this move