No great expectations into the Fed Actually think it will disappoint those looking for something dovish The inflation forecasts will have to come lower in a “mark to market” given softer inflation prints since the last forecasts Yet tariff uncertainty remains and the labour market, whilst showing signs of softening, is resilient Expect the Fed to stay in wait and see mode (although I do expect them to cut in Sep) Relative to some expectations, more wait and see will be deemed hawkish Expect then a little bit of chop and kneejerk lower risk around the event However, we remain in a benign economic environment edging towards lower rates Liquidity continues to ramp SLR adjustments another positive for risk Think with the risk event out of the way, we can properly rip higher into the weekend Market be itching to buy this geopolitical mini dip Fed probably kept that reflex on hold Ignore the noise post Fed, BTFD Market is underweight and going to have to chase higher New record highs incoming for SPX, Nasdaq and Bitcoin