FAST FIVE: Trader: "We Will All Look Back On The First Week Of June 2019 As Watershed Moment"
All that was enough to sustain Fed rate cut pricing, and sooth risk asset fears.
There is 92bps of cuts priced for the whole cycle.
That is the market partying like its 1995 or perhaps using the Evans narrative of insurance cuts.
That's fully priced now and perhaps overpriced if anything.
If you believe the narrative that the economy is not in a tailspin but in what looks to me like the most classic end of cycle, and you are paying attention to Fed rhetoric; then the one cut only priced into 2020 seems too little (~27bps of cuts priced past 2019).