It has been a long time coming, with expectations of a rate cut ranging from “certainly” to “not a chance in hell.”

Futures are taking their cues more from GOOGL and MSFT than the FOMC at the moment.

Will we finally get a real backtest? Our potential downside targets are getting very lonely.

continued for members…

There’s not a lot to report chart-wise other than the 0.5% downturn in futures based on Currencies continue to sit on the sidelines. Despite rising risk of a wider conflict in the Middle East, CL and RB are both off over 1%. Keep in mind that EIA inventories come out at 10:30ET. 10Y yields have dropped as a function of lower rate cut expectations, dropping oil/gas prices, and rising geopolitical risks. Note that the 2s10s have dropped back below the trend line.

more later…

UPDATE: EOD