Tomorrow is yet another Fed day. For the bulls, there is no downside: “The market works in every scenario — if rates go down, the market says ’soft landing’, and if rates go up, the market says ‘economy is strong, so profits and earnings are great.” - Barry Hyman

The truth is, well alright the bearish view is: if rates go up, inflation is the problem and the Fed will have to raise more and more to subdue it. If rates go down, recession is the problem and there is no soft landing in sight.

While the Fed is the market’s focus, the most interesting event this week will be the preliminary Q3 GDP report on Friday. To what extent will it show slowing growth?