🏦 BofA is calling 2 Fed rate cuts in 2026 June & July targeting a 3.00–3.25% funds rate. The Fed itself only signals 1. The market is somewhere in between. BofA's thesis: new Fed Chair Warsh + cooling supply-side inflation = green light to ease. Risk? Sticky core PCE at 2.8% + Middle East oil shock = cuts get pushed or cancelled. 2 cuts = cheaper mortgages, lower CD yields, tailwind for equities & risk assets. Watch the May jobs report and April CPI. That's when this call gets made or broken. 🎯(Seth)