Thank you to the 346 respondents in yesterday’s Fed survey. Here are the results, with a bit of commentary. First, expectations for the dot plot are centered on two cuts in the dot plot with 23.4% of respondents looking for a move to just one cut. Three cuts and zero cuts got some votes, which is mildly surprising. {chart} The second question asked for views on how many rate cuts will actually come through from the Fed this year. The distribution is a bit flatter, with two cuts still the most-loved scenario, but one and three cuts seen as possible too. {chart} The third question is obviously correlated to that last ... (full story)