The market is hellbent on pricing in cuts, even when the data is hawkish. This is an interesting dynamic and the FOMC/BoJ meetings next week will be key to gauging the trend from here. Maybe markets have just ignored anything but crazy Bill Dudley this week?
![Portfolio Watch: Markets discarding Q2 data due to Dudley?](https://stenoresearch.com/wp-content/uploads/2023/06/Watch-Series-–-Coverart-1080x675.png)