a. GDP came in higher, which surprised markets b. There were two dissenters, Waller and Bowan. Both were appointed by Trump, meaning that if any Fed voters are appointed by Trump its likely to sway the Fed more for cuts. Overall, the data points to a better economy and negates the need for further cuts. Fed funds are pricing now 47-48% cut in Sep, down from 63% pre FOMC, and a total of 2 cuts by year end Equities sold off but have since reversed the entire move, making highs. We still have payroll, but either way, a higher payrolls equities go up, a lower figure, we go up on rate expectations Trump is going to pump markets no matter what happens.

aug is still triky though