What Happened
- Equity futures were modestly higher after the weekend drift.
- Rates and FX were quiet as traders looked ahead to the Fed.
- Oil and gold were steady with no new headlines.
What It Means
- The market is trying to stabilize before a key policy event.
- Low rate volatility suggests positioning is balanced.
- Fed communication will likely override near-term data.
What I Think
- I am keeping risk contained into the meeting.
- If the Fed is hawkish, expect a swift repricing.
- A neutral tone could revive the risk bid quickly.
Market Terms
- Policy event - A central bank decision that can move markets.
- Rate volatility - Implied swings in interest rates.
- Repricing - Markets adjusting expectations after new information.