NEW YORK—The Federal Reserve’s more hawkish turn this week came amid heightened worries about economic recovery and inflation, but it has barely changed the bond market’s view that short-term interest rates could top out below the U.S. central bank’s estimated peak. Current betting even has rates staying below the inflation level the Fed projected over the next few years. Since the Federal Open Market Committee released its policy statement Wednesday, markets have priced the terminal rate where policy rates will stop going up, at between 1.4 percent to 1.7 percent, according to eurodollar futures’ view of U.S. rates in three years. The Fed does not forecast a terminal rate, but the market’s expectation of when the current hiking cycle will peak is well below the U.S. central bank’s view of 2.5 percent, and lower still than the revised core inflation estimate of 2.6 percent next year. The Fed’s neutral rate …