Most of my Fed watcher friends don’t see this week’s Fed speak as signaling big cuts. So why is the market pricing 100 bps in cuts to 2020?

Most of my Fed watcher friends don't see this week's Fed speak as signaling big cuts. So why is the market pricing 100 bps in cuts to 2020? One reason is the Fed policy review, which some think justifies 50 bps in cuts. The rest is seen as a "political" shift in Fed behavior. pic.twitter.com/kMZejzBYpO

— Robin Brooks (@RobinBrooksIIF) June 6, 2019