We are moments away from the FOMC decision, which will be to pause. Then there will be the question-and-answer period with Jay Powell, which is expected to be a barnburner.

In the past, the market has been slightly higher on FOMC decision-days in September.

Hard to be 100% certain, but Powell could thread the needle today.

Powell must be a little shaken about the upturn in the Headline and Core PCE (see chart) and CPI.

Moreover, the action in the broad market is a huge scream for something.  What does the Fed hear?

Money is rotating out of growth sectors to the rest of the market with defense getting the most action, and then the cyclical sectors.

If you own great companies, this is not the time to panic.  If you have cash, be ready to pounce.