The chief market strategist at $1.6 trillion Franklin Templeton breaks down how many rate cuts to expect this year. Plus, why the ‘irrational exuberance’ in stocks could be over by year-end

• Stephen Dover of Franklin Templeton says rate cuts may start in June or July.
• He adds that we could see four rate cuts this year, bringing the fed funds rate to 4.30%.
• Amid a strong US economy, he’s concerned about “irrational exuberance” in the stock market.

At the turn of the year, the market priced in as many as six interest-rate cuts beginning in March.