01/01 Indices, page-91

Nothing to do with the economy really.
USD longs and Treasury shorts were at historical levels - a crowded trade
The unwinding of this crowded trade caused Fed Funds Futures to reprice rates expectations for 2024 - it's not that this repricing is what anyone believes it's just how the market works. This caused Risk assets to be a crowded trade as a side effect.
Because the unwinding of USD longs and Treasury shorts mispriced Fed Funds futures market will go through a little period who knows how long to "normalise" the market.
This could take a period of months as data rolls in.