It was going to happen sooner or later. Real estate developers are all about leverage. And, leverage is all about the cost of capital.
The FOMC is trying to create some headroom for the next time they need to rescue the stock market economy — apparently not as important to Trump as are the midterm elections.
Though it hasn’t broken down just yet, the US dollar is taking it on the chin… 
… and USDJPY is circling back for the backtest we’ve been expecting.
Futures, which nailed our initial downside target during the yesterday and our second overnight, are off modestly — especially given that VIX broke out.
Bottom line, Trump’s latest outburst threatens to undo Powell’s market-calming, algo-goosing testimony.
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