This may be my first rate cut since I joined the industry. I've only see rate hikes and I've been reading through literature from back in 2007 when the Fed last cut rates to get a general feel for how markets move but need to get a sense of how spots/forwards behave.
If the market prices the Fed cutting rates either from weak economic data (inflation, economic growth, etc..), which moves first? Spot or forwards. I know they're tied together but it seems like forwards reflect what the market expects and the spot would adjust accordingly. However, there are different forward dates so do they collectively all influence how the spot prices move?