Expectations have collapsed for Federal Reserve rate cuts in 2024 after the third hotter-than-expected inflation report in a row.Inve

Expectations for the number of rate cuts in 2024 have also changed dramatically. Coming into the year, investors were anticipating five cuts starting in March. That has now been scaled back to slightly favoring two cuts, with a target range of 4.75%-5.00% to close out the year. Bond traders still see a more than 30% chance that only one cut will be in the offering in 2024.

Fed funds target