Here the 10-year TIPS breakeven.

The LEFT part of the line in RED shows the first 115 days after the Fed started HIKING in 2022. Expectations went straight DOWN.

See the RIGHT part of the line in RED, the first 115 days after the Fed started CUTTING in September. Expectations are going straight UP and are at a 15-month high.

Restated, the Fed hikes and inflation expectations GO DOWN. The Fed cuts and inflation expectations GO UP.

This is classic "inflationary environment" behavior. 

The cycle turned in late 2020. The disinflation/deflation cycle is long over. 

Markets were disappointed that the Fed did not cut enough is a previous cycle reaction. This cycle is about dealing with inflation, and cutting is NOT dealing with inflation.