Interest rates drive almost all financial assets, especially in the last handful of years, and the Fed’s control of rates and influence on the market will continue. The chart of the week looks at the expected Fed Funds rate cuts over the coming years that is being priced into the market. As of December 1, this market pricing is looking for 1.25% of total rate cuts by year-end 2024, which as you can see, is about 0.5% more in cuts than was priced in on November 1. This was during the same period where we saw the 10-year US Treasury fall from about 4.79% to 4.35%. The market is also looking for another 0.5% in cuts after 2024.