There are none coming. The Fed cut three times in Sept–Dec 2025, then held at 3.50–3.75% since. Markets now price a 91% chance of a hike at tomorrow's meeting the first hike since the cycle turned in 2023. Middle East-driven oil prices, not growth, are forcing the Fed's hand. The cut narrative is dead for now. Anyone still positioning for easing is trading last year's story.