MARKETS STILL OVERPRICING FED CUTS, SAYS SOCGEN Markets expect too many Fed rate cuts despite Chair Powell’s caution that a December cut isn’t guaranteed, says Société Générale’s Subadra Rajappa. The last two cuts aimed to preempt job market weakness, but with the economy still solid and inflation stubborn, further easing may be limited. Powell’s message: the Fed isn’t ready to move aggressively while inflation stays above target.