Mike Santoli breaks down the market set-up before the Fed meeting next week.
There are times when the market's desires and intentions are inscrutable. In other moments, the tape is pretty transparent in what it believes it wants — such as right now.
And it would surely seem to invite the charge that investors are setting themselves up for disappointment after Wednesday's Fed decision, which suddenly looks like a toss-up between a 25- and 50-basis-point rate cut. The case for a half-point reduction spread fast late in the week, with former Fed officials Loretta Mester and William Dudley saying they would, or could be persuaded to, go along with such a move.
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