So here's the thing about this whole rate situation - we're seeing hikes across the globe, and even when the Fed does cut, it's coming with a hawkish tone. But get this: according to the head of a major bank's Delta-One desk, the market's basically already priced all of this in. Nothing shocking here, really. Traders have been positioning for this exact scenario for weeks now. The question isn't whether central banks are tightening anymore - it's whether there's any surprise left that could actually move the needle. Spoiler alert: probably not much.