"Our longstanding forecast for two more 25 bpfed funds rate cuts to 1.5% this year has become a distinctly minorityview since the Fed started signaling a preference to be on hold.However, history reminds us that the Fed and fixed-income markets can undergo rapid opinion shifts, as happened in January. Key upcoming signposts for whether the Fed eases further as soon as the June 24-25 FOMC meeting will be May statistics on labor markets, purchasing agents, and retail sales."