re: There are some major issues lurking in the US financial markets

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I would say the full 180 reversal on interest rate hikes and balance sheet normalization is a pretty big deal.

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I must have missed that. What I read was the Fed now expects to have 3 interest rate hikes this year instead of a previously expected 4 hikes. Is that not correct?

If so, that's not exactly a 180 reversal. More like a 25% reversal. ETA: I just googled and my above statement is correct according to MarketWatch as of the date of the Fed's increase last month. If that's changed since then, I'd like to read about it.

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I'm pretty sure futures are pricing in a higher probability of a rate cut in 2019 than any increases.

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Not that I see. The futures are projecting a cut in the first half of next year, 2020, not this year, according to Bloomberg.

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while I agree with you that most of this stuff was obvious, it was pretty clear that the markets didn't think so.

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I always maintain the "markets" always know more than I do. If something was obvious to me, it's REALLY obvious to the "markets." And I still don't see any Earth-shattering changes in the expectations over the last month or so.