 Investors believe that Fed Chair Jay Powell indicated interest rates could be cut in the near future. He told Congress over two days of testimony that while the Fed's target is an inflation rate of 2%, an interest rate cut would come before the number gets down to that. You don't want to wait until inflation gets all the way down to 2% because inflation has a certain momentum. You wouldn't wait that long. If you waited that long, you probably waited too long because inflation will be moving downward and will go well below 2%, which we don't want.