They’ll prove right one day, just not yet.

Hedge funds continue to bet that the Federal Reserve will end its aggressive rate-hike cycle soon enough and begin easing monetary policy after a brief pause as growth and inflation slow.

But as US inflation, inflation expectations and Fed officials suggest, that turning point is still a long way off – the Fed’s final implied rate shot to a new high just below 5.00% last week, the 2-year Treasury yield hit a 15 -year high above 4.50%, …