Will the White House Fume as the Fed is Led by F.O.I.L?

• The Fed fund futures forward curve shows contracts priced between 96.5 and 96.75 through the October 2026 issue.
• This tells us the market is not pricing in a cut in the Fed fund rate until at least the October 2026 meeting.
• This will not sit well with the US White House that is demanding lower rates despite the increased concern over long-term inflation caused by the War in Iran.