Founders FOMC: The Permanent Pause

Also, a Government Shutdown is Pending

Good Morning. Today is the FOMC rate decision and forward guidance conference.

Contents:

1. GoldFix FOMC Analysis

   1. Bottom Line

   2. Real Rates and Data

   3. Market Bias Going into Today’s Meeting

   4. Meta Comment

   5. Bank Bottom Lines.

   6. ***Options Markets Matter

   7. What About Future Cuts

   8. Finally

2. Report Excerpts: GS, JPM, MS, CITI

3. Bonus

Bottom Line:

1. The Fed Should be done hiking by their own standards (real rates, Data coming)

2. It is assumed the Fed will not hike today.

3. Markets will first key today on wording that gives clues if the Fed will hike again at all for the remainder of 2023

4. Markets will then search for clues as to when/if there will be rate cuts in 2024