Just noticed the swap market is pricing in some pretty dovish expectations lately. Traders are now betting on a 15 basis point interest rate cut from the Fed by December, which is a notable shift from earlier sentiment. The interest rate cut narrative seems to be gaining traction as economic data comes in softer than expected. What's interesting is how quickly the market repriced this - the interest rate swap market doesn't usually move this fast unless there's real conviction behind the move. If we actually see that rate cut materialize, it could be a pretty significant catalyst for risk assets. Curious to see if this holds or if we get more hawkish data that reverses the trade.