Rate Expectations Continue to Revise DOWNWARD

”Swaps markets now price-in 1.61 additional rate cuts in November (roughly even with yesterday) - implying a 61% probability of a second "jumbo" 50 basis point rate cut next month. Swaps markets project a total of 5.12 rate cuts in 2024, up sharply from expectations of roughly 4 rate cuts prior to the Fed's decision last week.”