Market expectations regarding rate cuts by central banks are shifting. The Fed is seen with probabilities of a rate cut in May, June, July, and September. Powell hints at a delayed return to 2% inflation, raising doubts about rate cuts this year. Citigroup suggests the market underestimates the likelihood of Fed rate cuts. Rate futures indicate low odds of a rate cut at the upcoming FOMC meeting, with the only cut expected in September. Bank of England rate swaps show a fully priced-in rate cut in August, with additional cuts expected by December. Overall, the market is now leaning towards the possibility that the Fed may not cut rates at all this year.