Zero Cuts This Year

Back in Q3, markets were jokingly pricing in FIVE rate cuts. We previously anticipated only one. Now, we're revising our expectation to ZERO rate cuts. The surge of gold to new highs, the downturn in bonds, the 4.76% peak of the 2-year treasury note (a four-month high), alongside Exxon nearing its peak and the upward trend in commodities, all signal cau…