Dovish FOMC Outcome and Resilient Price Action Support Continuation Higher

Discussed in today's video:

Yesterday, the FOMC delivered a broadly dovish package that included a 25 bps cut, improved growth and inflation projections, and the start of balance sheet expansion through $40B per month in bill purchases, which came in well above expectations and supports liquidity-sensitive assets. Market pricing remains far less dovish than the Fed’s outlier projections. There is room for rates to reprice lower if Hassett becomes Fed Chair and pulls the committee toward a more accommodative stance. In my view, today’s choppy tape was driven largely by positionin...