MUFG Head of U.S. Macro Strategy George Goncalves provides an update on the bullish risk market price action and thinks too much good news around a potential Fed pivot is already priced-in. George provides his base case FOMC meeting views and provides both dovish and hawkish scenario outcomes. Bottom line, we expect team pivot (those expecting Fed to transition policy) will be let down again as the Fed is committed to getting inflation under control.
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