With the FOMC and triple-witch/ S&P rebalance out of the way, markets have been trying to draw on the positive (a fresh 50bps cut to rates) to punch to new highs. But the little economic data today reminded traders why the Fed wanted to cut by that amount as the Consumer Confidence datapoint fell to 98.7 from August’s revised higher 105.6. Within the survey, consumers were concerned about harder to find jobs and slower salary increases, even as the job market remains healthy. A view that the Fe…
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