Anyone Else Notice...

That these markets just do not seem to give a rat's tail what these Fed speakers have been saying of late. Most of the talk has been on the moderately dovish side, but the longer end of the US Treasury yield curve is fighting the Fed, for now at least. In addition, precious metals are acting like the US dollar is going to zero versus its reserve currency peers even as the US Dollar Index appears to strengthen.

Futures markets trading in Chicago are now pricing in an 87.5% probability for a 25-basis point rate cut on November 7th and a 69% probability for another 25-basis point rate cut on December 18th. Looking out past the end of the year at this point, in my opinion, is little more than gambling.