Interest rates and the U.S. dollar have both risen strongly in 2024, particularly over the past few weeks, as market expectations of a slowing in economic growth and inflation have failed to pan out. Four months ago, a series of five or six 2024 interest rate cuts by the U.S. Federal Reserve had been priced into forward markets, but, prior today, that was whittled down to one or two, according to the CME FedWatch Tool.
