Certainly, no one can dispute that the shift in the Federal Reserve’s (Fed) monetary policy outlook has been the most noteworthy development that has occurred in the money and bond markets thus far in 2019. So, while the debate for 2019 and 2020 seems to have gravitated to when the Fed will actually cut rates, I offer a different take. What if the FOMC goes on a “policy sabbatical” of sorts, and just leaves well enough alone?