Traders are cautiously looking forward in anticipation of this week’s FOMC meeting. This could be a meeting that marks a significant crossroads for near to medium term market outlook. With positioning having moved dramatically towards a dovish outlook from the Fed (even if a rate cut is not expected), Friday’s consumer data has given traders pause for thought. A reaction on market is threatening. With retail sales holding up better than expected, yields have again ticked higher, along with the dollar rebound. Have markets gone too far? It is our expectation that positioning has gone too dovish and this will be ... (full story)