The sound of silence can be deafening sometimes, and markets have been roaring since last Thursday. After a WSJ article suggesting a smaller FOMC hike in December (therefore breaking the 75bps trend), and Mary Daly mentioning a “step down”, the Fed has been in their quiet time ahead of their next meeting. That has forced traders to rethink the rate trajectory amid a new earnings period, and memories of the July market move under similar circumstances. As October is coming to a close, stocks have put together a nice three-day rally.
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