This week as stocks were back in a bull market (NASDAQ is up 20% from lows) and US Treasury yields fell sharply, several Fed officials sought to reiterate their hawkish tone that inflationary pressures remained strong, and a slowing economy would not temper interest rate rises. But markets are not listening, they think the terminal rate will be much lower than the fed governors’ dot plots, they think that recessionary fears will mean that the Fed will start cutting rates in less than a year, with inflation forecast to drop sharply thereafter.