Higher for longer

“It’s official, Higher for longer, or as it is called in Swedish, högre för längre is back! For the first time this year, markets are now pricing in only four rate cuts in 2024.

Just 6 weeks ago, markets expected that we would see six rate cuts in 2024. More importantly, the timing of the first interest rate cut has been pushed back to June 2024.

There is now only a 9% chance of interest rate cuts starting in March 2024, down from 90% just six weeks ago.

There is also a ~63% chance that interest rates will remain unchanged through May 2024.

Interest rate cuts are almost guaranteed.

Source: The Kobeissi Letter

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