Today major indices are in the green with the Russell 2000 leading the way up. Investors aren’t scared with the market “fear index” CBOE Volatility Index (VIX) reversing after hitting its highest level since the election day.

The only sector in the red is Communication Services (XLC), after the DOJ proposed a measure to make Alphabet (GOOG/L) divest Google Chrome. Financials (XLF) is the best performer and surging after news the SEC chief is stepping down in January.

In an interview with the Financial Times today the FOMC voter Tom Barkin noted the US is more vulnerable to inflation shocks than in the past.  He sounds questionable for a December cut. What role will monetary policy play?

Recently there has been a surge in the probability of a pause next meeting to 44.3%.

On the economic front, October existing home sales soared to +3.4% m/m, beating expectations of +2.9%. This is the strongest gain since February.