December 5, 2025 08:11 PM GMT US Rates Strategy | North America How Many Hawkish Cuts Does It Take to Make a Dovish Fed? The idea of a second consecutive hawkish cut took yields back toward the top of their 4-month range. Investors increasingly accept the idea that more rate cuts before the June 2026 FOMC meeting – when the next Fed Chair takes the reins – represent low-probability outcomes. Stay long UST 5y notes. Key Takeaways Please add me to your distribution list. | M How Many Hawkish Cuts Does It Take ...