Looks like JPMorgan just dropped something unexpected on the rate-cut debate.

One strategic shift from this banking giant, and now traders across the street are scrambling to recalibrate their bets. What seemed like a done deal? Not anymore.

The timing couldn't be more interesting—markets were already pricing in a clear path, but this latest play might flip the script entirely. Some are calling it a calculated hedge, others think it signals deeper concerns about where inflation and policy are actually headed.

Either way, the ripple effect is real. Positioning is shifting, volatility is ticking up, and everyone's watching what the next domino will be.