Will the United States continue to raise interest rates, and when will they cut them? This is about the arrival of the bull market in the currency circle

The market generally expects the U.S. economy to "soft land", the economy will fall into recession in the third and fourth quarters, and GDP will shrink by 0.5% in both the third and fourth quarters, which means that from July to December, the non-agricultural Employment will fall by 200,000 a month.
The banking crisis has raised the risk of a longer and deeper recession, and we are now leaning toward a "hard landing" for the economy, both because credit conditions would tighten even more and if the Fed fears a high Inflation is too "sticky" and interest rates will continue to remain high.
Inflation has fallen to 5% in May from 9% in June last year, and it will be much harder to get from 5% to 2%.
The market expects the Fed to cut rates in September and I think the Fed may not do so until the middle of next year because inflation is extremely sticky and the Fed is targeting inflation down to 2%.
Interest rate-sensitive assets may still continue to be negatively impacted, which means that the housing market recovery may not be sustainable, and if this market recovery leads to higher inflation, the Fed will not allow it to continue to recover. In the next three quarters, the US economy is likely to face stagflation, that is, rising inflation and shrinking GDP.
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