Highlights
The Federal Reserve policy announcement at 2 pm ET and the Fed chair's press conference at 2:30 pm ET are the events of the day. A 25 basis point rate cut is baked in the cake, in the market's view. Probably more significant will be how the FOMC frames the rate increase and what Chair Kevin Warsh has to say about it. The question for markets is whether this will be a one-off course correction, or the start of a series of rate increases.
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