Fed Will Cut Rates to at Least 3%, Cabana Says

We think that investors should really be focused on where the cutting trough in this cycle is. That's still around 3%. The Fed thinks 3% is neutral.The market seems to believe that that's credible and that the Fed will head there. Increasingly, at least for our rate strategy team, we see 3% as almost a cutting ceiling. They're going to at least cut to there, we think.And we think that the market is not fully appreciating the potential range of outcomes below 3% that the Fed could take us to. And that range ...