The S&P spent today doing its best impression of a flatline, dipping a negligible 8bps, while the Nasdaq lifted in an equal and opposite 8bps direction. Very meh. Meanwhile, the Dow decided to take the stairs down with a 61bp drop. If you were hoping for a summer rate cut, The Fed just sent your plans to voicemail as markets now don't see a "pivot" until late October, pricing in a solitary cut for the entire year as yields marched 5–7bps higher. Geopolitics remain the ultimate "black swan" afte…
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