∞ALPHA

Wall Street increasingly sees the Fed not cutting rates for years—possibly through 2027. Uncertainty from war, tariffs, immigration, and AI makes policymakers hesitant to move. Some banks say current rates are “neutral,” so the Fed has no need to act. Cash and T‑bills benefit: yields around 3.5%–3.7% stay attractive. Money‑market funds saw $122B in weekly inflows—the biggest since 2020. T‑bill yields now match or exceed the Fed’s rate, showing markets no longer expect cuts. I