The good news is that the garrulous Federal Reserve speakers will be restrained over the next fortnight, the bad news is that the talk and speculation about the FOMC won’t stop.
It looks like we’ve heard the final word from the FOMC and the backout starts at midnight ET.
We’re left with a market pricing in a 27% chance of a 50 bps Fed cut and only next Wednesday’s CPI report as a potential market mover, though I think that’s dubious.
What that doesn’t preclude is a leak to WSJ Fedwatcher Nick Timiraos or someone else. Normally, that wouldn’t come until the Monday of FOMC week.
