Possible Fed outcomes today: 1/ Bull case scenario: Dovish hike - Fed raises rates by 25bp and makes it clear that there are no plans to raise rates further (Fed will be data-dependent). One-and-done. 10-year TY likely retreats, good for equities. 2/ Moderate case scenario: Hawkish pause - No change in rates, but hawkish talk that signals a likely hike at next month’s meeting. Highly unlikely because next month’s meeting (10/27-28) is right before midterms. 10-yr TY likely flat or rises, mixed for equities. 3/ Bear case scenario: Hawkish hike - 25bp hike but with signal from Warsh this could be the first of several hikes. Unlikely since Warsh wants to get away from forward guidance. 10-yr TY likely increases, which is bad for equities, particularly long duration equities.