Calling 'Em As I See Them

It is indeed a Wile E. Coyote market

Everything this week takes a back seat to the Fed on Wednesday, and I think there is going to be a whole range of moving pieces we’re going to have to navigate. As for the press statement, I see no need for the communiqué to be anything but balanced and I wouldn’t be looking for any bullish or bearish surprises, especially now that the market has dialed back expectations from a 75% chance of a March cut; to now just 60% that we see a cut by July. In fact, I think the market has probably swung the pendulum a little too far the other way.