"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."