As we pivot towards drafting our quarterly letter, we wanted to quickly look at a few things that peeked our interest in the last few days. Fed meeting came and went this week and it looks like the Fed is planning for 3 rate cuts. Down substantially from where the market was previously forecasting at the beginning of the year, but that hasn’t deterred the market from climbing higher has it? The pace of rate cuts? Beginning June and then every other meeting. {chart} Goldman’s updated their graph, and they still think we’ll end with a terminal rate of 3.25-3.5% in 2026. Let’s call that “neutral.” Neutral because maybe ... (full story)