Over the course of April, market expectations for when monetary easing would begin in the US was pushed out to later in 2023. The chart below reflects the trend in the implied Fed Funds Rate.
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![Oil refinery Finland. Credits: Carlos "Grury" Santos / Unsplash](https://images.investmentofficer.com/cdn/ff/z7gfGi--hLqn6M3c-mcg3sluahSkctIkN_0H1WYFlfo/1774357697/public/styles/thumbnail/public/2026-03/carlos-grury-santos-Me4Vgoi9Gd8-unsplash.jpg?itok=Ojyen-Qi "Oil refinery Finland. Credits: Carlos "Grury" Santos / Unsplash")