Iain Stealey, the Chief Investment Officer of International Fixed Income at Morgan Asset Management, stated that the market's expectation of a 150 basis point cut by the Federal Reserve this year is "not actually a lot" based on past interest rate cut cycles. Stealey noted that the Fed has already indicated its desire to ease policy, believing that current policy is restrictive and inflation is declining. "If the 10-year US Treasury yield falls to 3.5% in the first half of the year and drops to even lower levels in the second half, I would not be surprised," Stealey said. "It depends on the data, it depends on inflation continuing to evolve as the central bank expects, and if the job market shows signs of fatigue, it may go even lower."