• Regarding tonight’s FOMC meeting, we previewed the meeting on Monday, which you can still read here. In a nutshell, we don’t think there is much to it. 75bps or 100bps is not really important. What is really important, is the messaging. The message being that the Fed wants tight financial conditions. And since we expect Chair Powell’s “pain” message to be repeated and amplified. Specifically, we will be attentive if and how Powell ‘dresses up’ the following message from his Jackson Hole speech:


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