Staying up late to review the market was exhausting. After organizing the core content of the Fed meeting this morning, here are the key conclusions:
1. If the allegations against Powell are not resolved, he will absolutely not voluntarily withdraw from the committee. His stance is extremely hardline and very clearly defined.
2. Current interest rates are in a neutral-to-slightly-restrictive range. There is no consideration of rate hikes at this stage, and there is currently no data supporting the Fed providing clear policy guidance or signal hints.
3. The Middle East situation still carries h
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