TRA Macro Tracking Index

Big day today. The Fed will announce rate policy (seems likely we will get a cut) even though they are operating without the usual sources of government data. Consumer confidence continues to fall, with the Conference Board indicating consumers are increasingly expecting a recession in the next year. But earnings have come in okay so far, so Q3 did not see a bottom drop out.

We will see how markets respond to Fed comments later today. Stay tuned!