Friday's payrolls print started the panic, but the weekend's reality-checks on what Powell said and what the market wanted to hear has sparked a massive resurgence in the short-term interest-rate market's perceptions of The Fed's rate-trajectory. The terminal rate expectations has exploded to its highest of this cycle and expectations for rate-cuts in the second-half of 2023 have plunged... {chart} In fact, all of the 45bps of rate-cuts priced in from now to the end of January 2024 after the FOMC presser has now been erased... {chart} And rate-hike odds for the next 3 meetings have soared (March is a lock, May is now ... (full story)