It’s worth noting that with Friday’s mess, liquidity took a bit of a hit, while inflation expectations went down. The latter is particularly interesting, given in the last tariff tiff, they went up. Seems inflation fears are fading a bit. The big swing in markets cleared out some overleveraged positions but headlines can still really swing this nervous market.

More consolidation after a big run. It seems to me like we’re mostly waiting for a real catalyst, like a shutdown resolution or earnings, while making relatively minor moves on things like shifting rate expectations.

Colin Symons, CIO Lloyd Financial Group FOMC Minutes said most think it makes sense to keep easing. The Senate rejected funding bills...