Analysis: The majority of the Federal Reserve's loose monetary policy may have already become a thing of the past.

Chip Hughey of Truist stated that most of the Federal Reserve's accommodative policies are now "in the rearview mirror," and "we are still waiting for their effects to materialize." He expects the Fed to stay put for now, but may cut interest rates once or twice later this year. This would mean a total rate cut of 0.5 percentage points, with cuts of 1.75 percentage points between September and December. He said, "We will get some relief, but it may not be significant." Hughey predicts that US Treasury yields will remain elevated, as the market fears that inflation resulting from the Iran conflict will prevent the Fed from cutting rates in the short term.