FOMC day has arrived where per usual we will not learn anything new from Powell. The Fed's end to QT has already been leaked to big bank strategists and the WSJ, they will cut at their next two meetings to stay consistent with September dot plot and market expectations, and they will continue to prioritize supporting growth while avoiding public acknowledgement that their inflation target has shifted up to ~3%. Fast forward a few hours and Trump will be touting his meeting with Xi as the most successful and important meeting any US president has ever had. There will be talks of a grand deal made that can now provide certainty to corporates and consumers globally. After this, event risk rolls off significantly into year end. It is extremely difficult to be fearful of a market boogeyman when corporate bond yields are at 3.5 year lows, mortgage rates are at 3 year lows, oil is at 4.5 year lows, the Fed is cutting in 4/5 consecutive meetings and ending QT, fiscal deficit spending is still running rampant and OBBA incentives plus other election year stimulus measures begin next quarter. These next few quarters will likely remind everyone why Trump got his President Pump nickname.