Picking up on something we pointed out earlier, namely that after pricing in as much as 20bps of rate hikes in Q1, the market is now once again expecting a rate cut in the first quarter of 2023... {chart} ... Bloomberg's Tatiana Darie writes that "stocks are soaring and bond yields are plummeting... as traders dial back expectations for Fed tightening, again betting on a rate cut arriving as soon as May 2023. They risk being disappointed." Summarizing all the bad news so far today, Darie notes that "S&P 500 jumped as disappointing ISM manufacturing data, weakening credit markets and Credit Suisse speculation raised ... (full story)