The Federal Reserve has raised short term interest rates nearly 500 bps over the last year and many investors are wondering if we’re finally reaching the end of the hiking cycle. The market keeps trying to anticipate the end, and the Fed keeps pushing back with both action and rhetoric. Now after March’s banking crises many market participants are asking, “are we there yet?” in hopes that the Fed may be done, and that inflation is finally under control. Whether or not the Fed is finished can greatly impact where markets head for the balance of the year. Here we try to make some sense of where we’re heading based on whether or not we’re there yet.