Powell Placates

Powell’s prepared remarks, released in advance of his testimony before the House Financial Services Committee, confirmed the FOMC is likely to deliver a 25 bps rate cut at the end of the month.  This is what almost everybody demanded expected, so the algos have found their happy place.

S&P futures, which lagged all night, are currently showing a 24 pop off the overnight lows — nearly enough to send the cash index to new all-time highs.continued for members


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