Equities sharply higher today (SPX +1.6%, NDX +2.5%) on increased optimism the Fed will cut int rates at their Dec 9-10 meeting. Implied probability of a Dec rate cut has risen back to 71% from 30% last week, as two FOMC “voters” - NY Fed President John Williams and Fed governor Christopher Waller - have both suggested in recent days they could support a Dec rate cut.
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