## Market Snapshot

Fed rate cuts for 2026 are priced at 68.5% YES for no cuts, down from 70% a day ago. The possibility of a rate cut in June or July is priced at less than 1% YES.

## Key Takeaways

– Trump’s statement suggests a delay in interest rate cuts until the Iran war ends, affecting market pricing. – The current market pricing is consistent with a low likelihood of rate cuts in 2026. – The ongoing conflict between the U.S., Israel, and Iran continues to influence Federal Reserve policy expectations.

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