S&P 500 Hit by Trade War Rumors, EURUSD Ready to Break on Fed

Fed Talking Points:

• Reports that China is backtracking on its intellectual property promises have revived concern a certain trade war end is anything but
• The Fed rate decision is top event risk with all the 'quartery' report trappings, but consider broader risk impact and not just USD
• Volatility across the board is extremely low, which should raise greater concern of underpriced risk than confidence of stability

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