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The above chart, via Deutsche Bank strategist Jim Reid, shows how much investors are buying into the short-sharp-shock thesis. Futures are pricing in that US interest rates will peak at 3.39 per cent at the February 2023 FOMC meeting then come back by 0.7 percentage points over the following 12 months. That’s contrary to expectations that inflation will be a problem for a lot longer. As Reid says:
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