A month ago we published our Updated Rate Outlook. As we start turning our attention to the Fed announcement on July 31st, we wanted to reiterate our view (I still think that there will be 2 to 3 cuts this year, for a total of 75 bps), and update some other thoughts given recent events. 2s and 10s are more in our year-end range than our end of summer range, and other yields are a touch lower than expected (but given recent volatility, that could change in a day). Using the Bloomberg WIRP (World Interest Rate Probability) function, we see ... Building the Case for Rate Cuts