Daily Note | February 1, 2024 | Some Opportunities In Term CEFs

Chair Powell threw a bucket of cold water on the March rate cut probabilities which fell to about 30% this morning (even that seems a bit high). That is down from more than 75% in early January. May and June pricing are closer to 100% chance of a cut. Additionally, 6 cuts of 25 bps remain priced into the treasury market. I'll take the under.

Despite that…