Disliked{quote} I am not sure if you are reading this right. First I don't think a hike is in play for today (odds are near zero to none) under most, if not all, scenarios. --> Markets have a very strong hand now over CBs. Macro fundamentals are diverging (and importantly) from financial markets. CBs are flooding the markets short term with liquidity so like always you ride the pig short term and ask the question later. As long as CBs are flooding the markets with liquidity and free money, markets will 'ignore' all negative news until the trend exhaust...Ignored
I understand that for today's session the expectation is next to zero for any rate hike. But exactly because of this divergence between fundamentals and financial markets and exactly because of the longer term consequences of FED not doing anything or not reigning over this divergence and because the FED needs to gain the upper hand again (I mean it is the CB that everyone is looking up to) it might surprise the market with a symbolic yet strategic rate hike that will trigger a correction in the very short term but align markets in the medium term as US elections come into play and they don't want impartial policy makers influencing the outcome.
"Bulls make money, bears make money, pigs get slaughtered"