Markets think falling inflation means rate cuts are around the corner. Here's why that's probably wrong.

• Expectations that the Fed will start cutting interest rates in July briefly spiked up to 50% this past week. 
• The increase came on the back of April inflation cooling and further pressure on bank stocks. 
• But the Fed is unlikely to swing from 10 straight rate hikes to cuts within two months, a Truist Advisory economist said. 

The Federal Reserve appears ready to let its benchmark interest rate coast at the highest level in years, disappointing investors looking for cuts to start this summer, analysts said.