The front-end of the Treasury market is getting a bit of support from Fed Governor Waller, who’s noting the possibility of more rate cuts and a move as soon as March. Traders are also adding a few more basis points to pricing for reductions to borrowing costs this year, though it largely remains intact for one quarter-point cut fully priced and another with a probability greater than 50%.

That’s probably all the reaction that Waller’s comments warrant, especially given the skepticism that one data point — a slightly below-estimate core CPI print on Wednesday — could completely upend the outlook for rate cuts this year.