Market Report 9-17-2026: The Post FOMC Partum Killing Field What happened yesterday was both completely predictable and very disconcerting. My worries that the new FOMC Chair would face that mutiny which could have happened in July, manifested in September amidst other central bank's making policy errors, a full on push to regulate AI while refusing to allow CLARITY to make it through the Senate. The small losses together all add up to a pretty rough week. The unanimous vote is a big tell and the markets are telling you this today. The rule is to fade the initial FOMC reaction and that is pretty obvious today. Davos/London are making their big play to shore up whatever collateral they can still claim and queer any moves Trump tries to make on Canada and the Crown. For now, keep watching the EUR/JPY and the US yield curve. Ignore the day-to-day noise. Everyone is just playing games for clicks while missing the big picture. The BoJ makes its move tonight. It should also be 25 bps. But if it's 50 bps, all of those 'wins' turn to ash in the blink of an eye. This isn't my base case or even my 'outside chance' but it still has to be contemplated within the potential decision space. With SOFR, no one else controls the dollar markets other than US interests and the balance of players at the table are still beholden to the dollar... and most would prefer it, rather than going back to the old ways, you'll just never hear them say it out loud until the outcome of the game is no longer in doubt.