Major U.S. bank analysts are seeing a shift in sentiment. Despite the Fed's recent cautious tone, there's growing speculation that markets could begin pricing in a January rate cut more heavily. The gap between what officials are signaling and what traders are betting on keeps widening. Rate expectations have become a chess game—central bankers say one thing, but bond markets often front-run policy shifts. If inflation data cooperates and employment cools further, that January pivot might not be as far-fetched as it sounds. Worth watching how this divergence plays out over the next few weeks.