The Glass Half Empty Versus the Glass Half Full Argument

The market is looking for the Fed to already cut rates in the second half of the year while we think that the Fed will cut rates but rather in the first quarter of 24. We could see about around 200 basis points cut in the full year 24 period bringing rates lower and we know of course that yields anticipate that longer term yields in particular. So as soon as we will have more clarity there is even potential for yields to stabilize at lower levels even and that is actually a positive factor.