I can't wait...

All these folk claiming policy should be "neutral" or "easy" right now - inflation is still above target, GDP growth has been >2% in 7 of the last 8 Qs, and the unemployment rate still signals pretty much full employment...the economy isn't really crying out for cuts...

*TRADERS SEE 50BP SEPTEMBER FED RATE CUT LIKELIER THAN 25BP

NY Fed Empire Mfg. Index (Sep): 11.5 vs. -4.0 exp. (prior -4.7)

Anyone capitalising every letter of the word ‘Fed’ should be given a lifetime ban from working in financial markets

*44 COUNTERPARTIES TAKE $239.386B AT FED REVERSE REPO OP. *FED REVERSE REPO USE FALLS TO $239B FOR FIRST TIME SINCE 2021

*AMAZON TELLS STAFF TO RETURN TO OFFICE FIVE DAYS A WEEK

Jon Hilsenrath - the WSJ's 'Fed Whisperer' before Timiraos - "today I joined the half camp...Fed is on an express train to neutral...this week's cut is the opening shot & it makes some sense to move most aggressively when the rate is farthese away from neutral"

I would make a tupperware pun, but I'm saving it for later... *TUPPERWARE BRANDS PLANS BANKRUPTCY AS REVIVAL EFFORTS FALTER

👇👇

What utter nonsense

USD OIS on Fed Day eve 25bp cut: 42.6% chance 50bp cut: 57.4% chance The market's dovish drift continues...

Join us at the bottom of the hour 👇

Might he, finally, about to be filled on that order...

*US 30-YEAR YIELD FALLS 1BP TO 3.92%, LOWEST SINCE JULY 2023

Have a gander 👇

This might be the most classic EU thing ever...no VPs, but Exec VPs instead...muppets... *VON DER LEYEN: NEW EU COMMISSION WON'T HAVE VICE PRESIDENTS *VON DER LEYEN: NEW EU COMMISSION WILL HAVE 6 EXECUTIVE VPS

Given that the FOMC's mandate is apparently now retail sales...might be worth bearing in mind that the August print has only surprised to the downside of consensus expectations once in the last 5 yrs, and just 4 times in the last 10

Germany ZEW Surveys (Sep) Expectations: 3.6 vs. 17.0 exp. (prior 19.2) Current Situation: -84.5 vs. -80.0 exp. (prior -77.3)

*GERMANY SEPT. ZEW INVESTOR EXPECTATIONS FALL TO 3.6; EST. 17.0