BlackRock Inc. strategists turned underweight short-dated US Treasuries from overweight, saying the extent of Federal Reserve interest-rate cuts the market is betting on is unlikely to pan out.

Investors hoping artificial intelligence will be a big driver of returns this decade may not yet have picked up that AI isn’t really about machines becoming smarter than humans, or robots stealing jobs.

The Federal Reserve will likely not cut U.S. interest rates as deeply as the bond market expects due to a resilient economy and inflation remaining sticky, the BlackRock Investment Institute said in a note on Monday.