US equities opened in minor chop mode, and leaned a little weak ahead of the fed.
Early morning saw ADP jobs of 125k, with Q3 (first print) of 1.9%. Both are indicative of m/t economic weakening from late 2018.
... for historical posterity.
At 2pm, the fed cut rates for a third time by -25bps to 1.50/1.75%.
Powell danced the fine line, and it was enough for the SPX to break a new historic high for a third consecutive day of 3050. There was some subtle closing hour cooling.
Volatility remained subdued, and with equities leaning mostly upward, settled -6.6% to 12.33.
|Next full moon is Nov'12th|
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Goodnight from London
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