Fed rate cuts may not come so quickly, CIO says

STORY: Kansas City Federal Reserve Bank President Jeffrey Schmid said on Monday (October 21) he supports a "cautious and deliberate" approach to interest rate cuts now that inflation is heading back to the Fed's 2% target and the labor market is normalizing.

Minneapolis Fed President Neel Kashkari on Monday also appeared to endorse a go-slow approach to rate cuts, repeating his call for "modest" interest rate cuts over the next "several quarters."

"The big question mark now for investors is, what [does] the path of Fed rate cuts look like?" said McMillan. "And I think that's why there's a lot of focus on the bond market right now, in bond yields. Ten-year [Treasuries] are still over 4%, and that's a strong signal."