Reduced Expectations for Multiple Fed Rate Cuts in 2024

In recent weeks, The Federal Reserve has cooled on its stance of multiple rate cuts in 2024. There was a brief rally in yields on Tuesday following the S&P Global PMI reports, but this rally was short-lived as it was overshadowed by disappointing Jobs and GDP reports later in the week, with the GDP Price Index rising by 3.1% on Thursday. However, Friday's inflation numbers remained mostly consistent with the previous month, leading to another rally in yields to close out the week. The stable inflation numbers are instilling confidence in investors and consumers that inflation is being managed effectively.