Prior to the FOMC and Powell press conference the CME's FedWatch tool had the probability of a June '24 rate cut around 50% (a couple of tics either side depending on when you last checked.
That's jumped now to just shy of 70%.
![june fomc rate cut fedwatch 21 March 2024 2](https://images.forexlive.com/images/june%20fomc%20rate%20cut%20fedwatch%2021%20March%202024_id_9432279f-de65-485e-b120-044f9197267f_size900.jpg)
It'll depend on progress on inflation from here into that June meeting. I think the FOMC is making the same mistake with its 'transitory' groupthink and ignoring the danger of continued high inflation.