This narrative allows for rate cuts, lower bond yields and rallying risky asset prices, while we see the most immediate risk to the soft landing-part of the narrative in the US labour market and its initial signs of weakening. We argued that clearer signs of a weakening trend would be the signal to receive outright. It is getting closer... You might disagree. Thus, in this note, we look at ways to position for lower rates! Total 2024 rate cuts have come down a bit to 92.8bp from just above 100bp at the peak. Also, more difference is being priced to individual meetings with Jun and Sep priced for the highest risk of ... (full story)