Many investors are focusing on macroeconomic data, and they should, since
central banks are also focused on that data. Back in December, inflation numbers were easing enough that central banks, particularly the U.S. Federal Reserve, were optimistic and signaled there could be several rate cuts in 2024. But then first-quarter inflation and growth were more resilient than anticipated, and market participants priced out a lot of the cuts that previously had been embedded in rates markets.
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