RenMac put out a nice chart of the current fed futures curve, implying cuts next year, along with the quarter end expectations back to 2020.
It seems like there is some sort of market consensus (don’t look at the headlines to find this, ha), that inflation is actually peaking now and into the next few months, and will be under control within the next year.
Take it with a grain of salt as clearly the market did not expect today’s forward curve (see above for the 9/30/20 expectations, which were zero percent for the next three years).