Douglas Rissing The Federal Reserve has dangled the prospect of interest rate cuts for about six months now, ever since Jerome Powell set off a furious Santa Claus rally with dovish- sounding rhetoric shortly before Christmas last December. However, since then, the future has proven to be much more stubborn than many expected. Inflation has not receded much at all this year. Yes, core CPI and Core PCE have trended slightly lower, but headline CPI and headline PCE have remained fairly flat year-to-date: Data ...