Interest-rate swap markets are pricing the first 25 basis point of Fed hikes around mid-2023, versus the early-2024 timeframe priced in at the beginning of this month. The shift has coincided with improved prospects for U.S. stimulus spending as well as vaccine roll-outs, leading to enthusiasm about the global economy’s prospects. Market-based measures of inflation have jumped, reflecting those rosier feelings, and bonds have sold off around the world.The Fed wants to end asset purchases before moving to higher rates, meaning late 2022 is the “earliest plausible” time for increases, according to Goldman Sachs Group Inc. strategists including Praveen Korapaty in New York. While there’s now 50 basis points of increases expected for 2024, any more may be hard to sustain, the strategists wrote in a note.