Futures are up moderately in advance of this afternoon’s FOMC meeting.

continued for members… A reminder – I will not be posting tomorrow or Friday. I should be able to update today’s post after the FOMC press conference.

UPDATE: 6:30 PM

The FOMC did exactly what everybody expected today – left rates alone but came off as somewhat more hawkish, remaining data dependent, etc.

Between student loan payments ramping back up and the UAW strike, there are plenty of economic unknowns. The Fed is loathe to do anything to reduce the odds of a soft landing.

Nevertheless, stocks sold off on the prospect of a 5.25-5.5% environment for another year or more. The 2Y reached 5.18%.

ES nearly reached the fan line from the Aug lows… …aided by the VIX running out of steam at its SMA100… …and the obligatory USDJPY ramp job to keep the NKD from tanking too much.A quick reminder, I will be unable to post tomorrow or Friday. I hope to catch up over the weekend.

GLTA.