Market's singing a different tune now. Traders have dialed back their Fed rate cut expectations — we're talking less than 75 basis points of easing through the end of 2026.

That's a pretty dramatic shift from earlier pricing. The dovish dream's fading fast as economic data keeps coming in hotter than expected. Bond markets are recalibrating, and this tighter-for-longer narrative is gaining serious traction.

Anyone positioning for aggressive cuts might want to rethink that playbook.