It still seems as though the Fed will need to raise the funds rate a bit more steeply than is implied by the futures strip out to, say, the end of 2019. My base case is that the strip needs to reprice further, not collapse. And this is something that is probably best watching carefully in real time, rather than making grand pronouncements about.
Having said that, in this short note I try to lean into the claim made by many doves that sluggish wage growth means that the whole Fed effort is premature or needs to be reined in. Merely watching wages has not been working – and I would guess that will not change. FH-180424