What a run in stock markets.
The S&P 500 is up 35 points today, or 0.6%, in what's on track to be the seventh day of gains and is only a fraction away from taking out the July all-time high of 5669.
So it's a seven-day winning streak and running into major resistance. That's a recipe for the Federal Reserve to disappoint no matter what they do tomorrow.
If they cut 25 bps and stocks fall, it will be seen as a sign they didn't do enough and fell behind the curve.
If they cut 50 bps and stocks fall, it will be seen as a move that spread panic.
In a world where the Fed is a punching bag and perception is reality, that's a tough hand to be dealt. The pressure will be on Powell to communicate at his best and guide markets to what's likely to come next.
