Markets are pricing in 3 cuts for the year (including today’s). I still think 75 bps could be in the works, but 50 bps is a lock unless we get some positive jobs results, which I’m not yet seeing signs of. For the end of next year, the dots median fell to 3.375% (from 3.625%) – in line with our belief that the Fed will have to move faster than previously thought (I still think we get there sooner than the market is currently pricing in). The terminal rate did not change – median of 3% and average of 3.12%. ... Post FOMC