anna rathbun, chief investment officer at cbiz explains.tainly there is walking back of some of the excitement we saw in december. december was really extraordinary. the fed went to suggesting there may be three rate cuts, they didn't say when in 2024, just the entire calendar year. the market interpreted that as we have reached peak rates and now we asked going to start cutting. they became very aggressive in expectations. today's meeting minutes basically tell us the fed was not looking at it it that dovishly. relative to market expectations, we are looking at a relatively hawkish fed. investors are walking some of that back. investors are also holding their breath as fed officials prepare to hold their first meeting this year in about three weeks. already there are worries about inflation running higher again. that is because developments in the red sea may add pressure to inflation. attacks on ships by iran—backed houthi rebels in the yemen crucial waterway has forced a growing list of companies to temporarily redraw their shipping rout

anna rathbun, chief investment officer at cbiz investment advisory services, explains., there's walking back of some — certainly, there's walking back of some of the excitement we saw in — of some of the excitement we saw in december. december was really— saw in december. december was really extraordinary. the fed went— really extraordinary. the fed went to _ really extraordinary. the fed went to suggesting there may be three _ went to suggesting there may be three rate cuts. they didn't say— three rate cuts. they didn't say when _ three rate cuts. they didn't say when. the market interpreted that as reaching peak— interpreted that as reaching peak rates and then cutting. they— peak rates and then cutting. they became very aggressive in their_ they became very aggressive in their expectations. basically, their expectations. basically, the fed — their expectations. basically, the fed wasn't looking at it, that— the fed wasn't looking at it, that relative to the expectations, we are looking at a relatively hawkish fed. investors are wanting some of that back _ well, inves