Two days after what many agreed was the most consequential election in a generation, the FOMC makes a rate decision in less than one hour. More importantly Jay Powell will have to navigate questions about the timing and size of the rate cut at the last meeting.

The ten-year bond yield has erupted higher even though it was supposed to move lower.

Economic data was supposed to come in below Wall Street consensus, but there has been a string of positive surprises.

And inflation was supposed to drift to 2.0%, but it has edged higher in the last report.

Elephant in the Room

Trump is no fan of Federal Reserve and its immense power.  He believes the executive branch should have a seat at the FOMC table, but he has vowed not to fire Powell.

There will be fireworks today, but right now the stock market is thrilled about pro-growth, pro-success, and less regulations coming to the White House.