Curb your (dovish) enthusiasm

Mid-week market update: In the wake of the Powell speech last week and the FOMC minutes, the market implied odds of rate hikes have plunged. While the base case calls for two rate hikes by June, the odds of a once and done policy after a December hike is rapidly increasing, while the probability of three more hikes by June has plunged.

Curb your dovish enthusiasm.

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