Fed Swings

While Fed days still have some wild action the ranges are a lot smaller than they used to be. This is likely due to the diminished prestige of the Fed. Today's action was once again nothing to write home about. We saw some fear in the morning but it did not last long and the bounce it led to was meager. The only good news is that expectations for economic numbers are probably a lot lower than they were at the beginning of the week. Have a good night.

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