There was a 50% chance rates would be cut by 1.5% this year, all the way to the 3.50% to 3.75% range.

At the same time, the idea of rates remaining high (or even rising) seemed improbable, to say the least. Fast forward to today. The current odds that the lower end of the Fed Funds target range will be 5.0% or higher by the end of the year is basically a 1-to-1 coin flip.

Consider this another example of just how quickly expectations about interest rates can change.