This week’s FOMC gathering has gone from a non-event, not long ago, to something potentially eventful. Enough to calm nerves and tamp down uncertainty.

A survey by 22V Research says investors are watching this meeting closer than the prior three.

As it stands, most expect Powell to come up short of pulling the market out of its decline. 34% say today will be risk off and only 27% see risk on.

The same number of respondents see a 50 bps in cut this year, but more are leaning to three, even four, cuts than in the January survey.

There is obviously lots of tension in the market, which is edging higher, but could close higher or lower.

I think this could be a 2.0% day, depending on if Powell leaves the reservation (his notebook) and speaks from his heart.

Powell doesn’t see tariffs as big of a deal as the media and markets.  At some point, I hope he says as much. 

Growth is poised to rocket higher even an oversold bounce would produce monster gains.

On that note, Boeing (BA) is the most intriguing stock of the session.  Cruise lines continue to be seen as the last discretionary place for investors and Utilities (XLU), look like the biggest winners from the Nvidia (NVDA) conference.

I have been defending American Exceptionalism for the past couple of weeks. There was a time when the first company in the defense of this concept was Boeing (BA).

It’s still a great company, but it has made a string of ugly mistakes.

Today management opened on the impact of tariffs, and while headlines are scary, the Street focused on comments from management:

 “Tariffs will not likely dampen demand for the company's jetliners.” - CFO Brian West

This tariff hysteria is overblown, and at some point, there will be clear skies for the broad market.