[el-dude-arino]

Rate cuts will still likely happen, just look at what's going on with the bond market; we're already in conditions similar to the 2010's. The US Gov can't afford it's current debt load at the current rates.

We're probably never going back to ~0% interest rates again but current inflation numbers show that the inflation we felt in 2021 and 2022 were transitory because of supply-chain shocks and corporate greed. Now we'll have to deal with the boomers retiring and moving into consumption-only mode instead of consuming AND producing, the former of which is inflationary.

Besides, corporate and white collar donations are Biden's bread and butter, and they're pricing in cuts of 75-150 bps over the next year.

TL;DR - Don't discount that we're on the up from a low in a slow-rolling business cycle.