Institution: Suggests betting that the Federal Reserve's interest rate cuts in the second half of the year will be less than expected

TS Lombard macro strategist suggests that as the labor market recovers, traders should bet that the Federal Reserve will cut interest rates fewer times than the market expects in the second half of this year, which will in turn weaken the market's enthusiasm for the steepening strategy of the U.S. Treasury yield curve.

"Under the leadership of Waller, the Federal Reserve is likely to overlook a renewed acceleration in the labor market only when it sees strong signals of productivity improvement," believes Daniel Von Ahlen of TS Lombard