News & Insights

As many expected, the FOMC voted 10-2 to cut rates for the second consecutive meeting to a target range of 3.75-4.00%. hat markets were not expecting was a hawkish tone from Jerome Powell about a December rate cut.

Warning lights continue to flicker in overnight accounts. SOFR rates remain above the Fed’s Interest on Reserve Balances (IORB) by about 15 bps.

Last week wrapped up with crypto currencies experiencing their largest one-day crash in history, with over $19 billion liquidated across exchanges in a matter of hours. 

Despite entering the second week of a government shutdown, which has halted the release of economic data, equity markets viewed the data blackout as a reason to rally.