It’s been a quiet session with lots of scuttlebutt on a variety of things that could happen when the FOMC wraps up today.

Everyone agrees on another rate hike, but after that is an open debate.

• Pause?
• Keep hikes open?
• No hike?

At the start of the week, consensus was for rate cuts to begin in November, and now, it’s September.

Also watching the banks, which are quiet.  If Powell suggests there is a system in place to limit damage, and the Fed shouldn’t alter policy, it will be a disaster. On the other hand, I’m sure the Fed has seen some bank data not available to the public that shows greater bank lending tightening.