The market has adjusted its views of how the Federal Reserve will raise interest rates

The Federal Reserve is expected to start raising interest rates next month and not slow down until well into 2023, though the slope of the increases might be a bit gentler. Events over the past week, including statements from multiple Fed officials and, to a lesser extent, geopolitical turmoil, have convinced markets that the first rate move will be just a quarter percentage point. That change came after traders had been pricing a move double that size at the March 15-16 Federal Open Market Committee meeting. Central bankers have been dousing the idea of needing to go up 50 basis points at the meeting, with New York Fed President John Williams saying last week that there is “no compelling argument” for the move.
Source: CNBC – Bonds