The traders smell trouble
My limited understanding of tomorrow's FOMC:
This meeting is supposed to be a 'nothing burger'
This meeting will confirm the already announced September beginning of the balance sheet reduction
This meeting will clarify Lael Brainard's policy speech at Columbia, where she said that interest rate increases could easily be delayed due to inflation being below Fed guide lines.
Market's do not expect a rate hike until December at the soonest.
But clearly the bond market isn't buying it.
