NO FED CUTS UNTIL 2027? Barclays now sees the Fed on hold through 2026, with just one cut in March 2027 as inflation stays above 3% and oil prices remain elevated. Markets are aligning: Kalshi odds of a cut before 2027 have fallen to ~45%. Resilient growth + sticky inflation = higher-for-longer rates. https://kalshi.com/markets/kxhormuznorm/when-will-traffic-at-the-strait-of-hormuz-return-to-normal/kxhormuznorm-26mar17?utm_source=walterbloomberg(*Walter Bloomberg)