What Wednesday 8am Fed Headline Is Being Leaked Now?

Forgive our skepticism, but since our earlier market snapshot, most of the broad risk drivers have notably receded from their evening highs - while ES remains at highs. Together with the worst Composite China PMI print in 32 months, we are seeing CONTEXT diverge notably weaker than the 'resilient' ES futures. TSYs did open modestly offered but it is the retracement in FX carry, Silver, Gold, Copper, (and even Oil) that is dragging risk 'off' as the e-mini S&P futures contract holds

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