It would technically still be possible to meet the market’s current pricing of 6 rate cuts if the Fed skips March, that is giving some durability to the current valuation…If the Fed continues to keep rates unchanged through May then we must see assets repriced in a ‘higher for longer’ rate environment.“Recent comments from FOMC members remain consistent in that no members (especially voting members) have said clearly that rates will be moved lower in March, in fact the most recent data is showing an uptick in economic activity that could spur an uptick in inflation – this seems the more likely case than a capitulation in prices which is what would be needed to see rates fall in just 10 weeks’ time."