Rate cut odds in response to Powell

The fed funds futures rate response to Powell doing “a lot of waiting and seeing” rather than leaning towards cutting was to take away the 60% chance of a 5th cut. As of this writing we are still pricing in a 100% chance of four cuts this year but no longer a 5th. As for when the first one will be, odds are at 86% that it happens in June and less so in May which is currently priced at 34%.