Don't Count on the Fed Cutting Rates When the Economy is this Good

The Internal Revenue Service and the Treasury Department have issued final rules blocking certain states’ attempts to work around the new $10,000 cap for state and local tax deductions.

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^{"Fade the futures.” That’s market jargon for going against the financial futures market, in this case the contracts on what the federal-funds rate will be in months hence. The market is betting on multiple reductions in the Federal Reserve’s main interest-rate target later this year. The trouble is, the futures market was just as certain late last year that multiple rate increases were ahead.}