Victory Lap.
Things got off to a somewhat muted low-volume start on Monday with many A-list institutional traders at the beach this week. Their B squads seemed to be under orders to basically tread water, waiting to see if anything of interest emerged from either the annual Federal Reserve jamboree in Jackson Hole or the Democratic National Convention in Chicago.
As the session wore on, however, the level of investor conviction and general chatter about a possible upcoming signal from the Fed on Friday concerning the start of a multiple interest rate cut process before year-end seemed to intensify and…
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