Trading Ranges Shrink As Fed Decision Looms
Happy Fed Day to all who observe. With hours to go before the world’s most powerful central bank delivers its first post-pandemic rate cut, investors still have no clarity on how big it will be. The dollar is flat, Treasury yields are little changed, and North American equity indices are setting up for modestly-stronger open, as market participants cut risk into what could be characterised as the most deeply-untradeable announcement in recent memory. Data released yesterday morning refused to conform with the imminent-slowdown thesis. So-called control group retail sales – which exclude food, cars, gasoline, and building materials – climbed...