evening wrap

market vibes

October 9…) 

"Ducking for apples—change one letter and it's the story of my life.” Dorothy Parker 1931

The FOMC flavor of the day… was an “almost all” affair meaning some dissent about inflation risks but general agreement about labor risks. The Fly via BBG summed it up thus: "Noting that inflation was still somewhat elevated while economic growth remained solid and unemployment remained low, some participants observed that they would have preferred a 25 basis point reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision." My read here is a minor schism.

Recent data and these minutes may have tilted the “not in November” narrative to a strong maybe.

In markets it was another murderously boring session and the Fed’s noodling didn’t change anything. S&Ps found an early bid and held it all day making new all-time highs on one of the lightest volume days since the July 4 holiday. NVDA was the most active issue in SPX, down a tiny smidge. 

The dollar index was surfing the BOJ again. 

in other markets bonds and FX