Last year, Katie and Ethan made a bet about when the Fed would cut interest rates. Today, as the first quarter ends and markets flatten a bit, it’s time for one of them to eat crow. As for the other, he or she will gloat, but in a measured, slightly backpedalling way that won’t be too embarrassing in the future. Also, we go long Liz Truss’s PR manager and short cicadas.

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