The first official day of summer isn’t until June 20^th, but today’s session has those summer doldrum vibes. Although this could also be the calm before a wild week, with critical economic data and the FOMC meeting.

Interestingly, although risk appetite has come down, it remains elevated. The near-term outlook for the US stock market has plunged, according to the S&P Global IMI Survey.

As the Fed grapples with sticky inflation, Powell must be frustrated with sticky expectations, which edged a little lower in the NY Fed survey. However, it is still elevated with respect to the goal.

I suspect there will be a big move into the close. These days, the market is not riding the wave and buyers have begun to emerge.