Bond market debates when the cutting starts

Vigilant approach: Powell (right) during a discussion with Helene Gayle, president of Spelman College, in Atlanta. The Fed chairman pushes back against Wall Street’s growing expectations of interest rate cuts in the first half of 2024. — Bloomberg

NEW YORK: A torrid bond market rally shows traders are convinced the Federal Reserve’s (Fed) rate-rising cycle is over.

The debate now turns to when central bankers start cutting, and by how much.