Since the last 'dovish' FOMC statement (and Powell's post-statement 'hawkish' presser) on July 30th, we have had 'cool' payrolls print and 'hot' inflation prints with retail sales mixed... and now everyone is anticipating Friday's speech by Powell at Jackson Hole. So, maybe these Minutes will be a nothingburger... {chart} Overall, rate-cut expectations are higher... {chart} ...with September price-in as almost a done-deal for a cut... {chart} Markets have generally gone nowhere in that time (except for crude prices, which have plunged on the heels of potential peace breaking out). Under the hood, there is some ... (full story)