Quick Note on This Morning’s Action: Don’t you dare hold your breath!

governor Williams sounded a dovish tune in a CNBC interview this morning; essentially stating what the market wanted Powell to state on Wednesday — that the Fed is listening to the market and
stands ready to adjust policy if conditions do deteriorate heading into 2019.

Dow spiked nearly 400 points on the news. Of course, given the pending
government shutdown (not to mention the global indigestion over the Mattis resignation), that is an utterly unsustainable intraday rally — unless of
course Washington delivers yet another intraday surprise.


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