To shed some light on the chaos that central banking provokes: The chart shows how the Fed follows the 2-year Fed Funds rate like a little puppy follows its owner. The bond market is betting on the behavior of our treasurers and the prospects of rate cuts in Q2 2024 when central banks have destroyed enough credit. Of course, in this fragile entropic monetary system, black swans can appear any day that not even the bond market would properly anticipate. However, panic rate cuts can happen any day.