The juggernaut of market euphoria from last week's dovish shift in the Federal Reserve outlook, meanwhile, rolled on in the rates market, bolstered by a rapid cooling of British inflation. The two-year yield, which typically reflects near-term interest rate expectations, was similarly pinned near a seven-month trough. Fed funds futures point to more than 150 basis points of cuts next year, and similar expectations are now emerging around the Bank of England, with more than 100 bps of cuts similarly priced in for that central bank in 2024.
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i know that from survey data i ve been collecting. so i think people have been expecting, or half expecting a correction. they re wondering if this is it. when they saw the big drops last week, they started to think this is it. that s that s the full explanation of what s happening. brendan greely, the way you look at this is this simply the market was going straight up months and months. there was no correct. people were ignoring volatility. again, betting against volatility when they shouldn t have? first off, stephanie, asking me to talk after robert schiller about market euphoria, about, like you give hendrix the solo and then you bring on greely. investors are looking at baskets of stocks and bonds. if we re going to look at stock prices and what s been happening over last two weeks, we should also look at bond prices. ininvestmenters are getting a