Entering the year, the bond market was pricing in 6-7 Fed rate cuts in 2024. Today: just 1-2 rate cuts. Video: www.youtube.com/watch?v=tU1XJRmOce8&t=625s pic.twitter.com/K1nkstYTq1

Not encouraging for the Fed: New York Fed 5-year inflation expectations ticked up to 3% from 2.8%. UMich longer-term inflation expectations have also climbed a bit lately. Probably not enough to make officials freak out, but definitely something that they'll be keeping an eye…

This table, from @NickTimiraos, is notable for several reasons, including the wide (0-100 bps) forecasts for #FederalReserve interest rate reductions in the context of universal agreement that the first cut, if we get one, would not come until September at the earliest. #economy pic.twitter.com/pW9mtKeaUC

The central bank watch intensifies this week with policy meetings in Japan and the US. Both are more about signals on future rate measures rather than immediate actions. We also have @ECB and, especially, #FederalReserve officials scheduled to speak Lots to look for on the data…