Current market pricing already reflects rate expectations quite comprehensively. That said, there's a compelling case to be made that we could see upward momentum even if interest rates hold steady at current levels. The asset class has been anticipating policy moves for some time now, and much of the potential impact appears to have been digested into current valuations. If rates don't shift as aggressively as some traders feared, it could actually remove a key headwind—leaving room for other bullish catalysts to take the driver's seat in the near term.