That’s five, six, and seven more rate cuts than some traders were expecting this year, according to WSJ. Interest rates are staying higher than anticipated at the start of the year — disappointing investors who banked on falling rates to drive market growth.

• Dallas Fed President Lorie Logan believes it’s “too soon to think about cutting interest rates,” while Atlanta Fed’s president expects one this year, and Minneapolis’ Fed president questions if we need any rate cuts at all (BBG).
• The Fed isn’t likely to cut rates until their June meeting, but this could easily change if tomorrow’s March inflation report comes in hotter than expected.

The wildcard: Moody’s Chief Economist cautioned CNN that surging oil prices, which briefly exceeded $90 a barrel last week, is the biggest economic threat. JPMorgan brought back the $100 oil price prediction, a worrying sign as rising prices risk re-igniting inflation, which has stalled around 3% despite downward trends in other global economies.