The Globe and Mail reports in its Thursday edition that this was supposed to be the year of the rate cut. The Globe's Tim Shufelt writes that the only questions were how soon and by how much central banks would slash their policy rates to the delight of investors and debtors everywhere. Well, you can forget about a rate cut in March, and the odds are not looking good for April or June, either. The U.S. Federal Reserve, meanwhile, is seen to be on hold until at least July, and will be pressed to squeeze in just three or four rate cuts this year, judging by overnight index swaps. A few months ago, markets were expecting as much as eight Fed cuts this year, bringing its key rate down by two full percentage points. Financial markets seem to finally be coming to the realization that central banks have zero urgency in easing back on interest rates. With the market's probabilities for rate cuts falling so quickly, it raises the question, what if there are no rate cuts this year at all? It is a question with big implications for stocks, which have rallied furiously on the belief that the hour of the rate cut was approaching. Since October, financial markets globally have been on a tear, with the S&P/TSX Composite Index gaining 13 per cent.