The global trading community digested yesterday's Fed events in a relatively constructive way overnight.  Combined with lackluster manufacturing PMIs in Europe, it was enough for a moderate extension of yesterday's rally.  The morning trading hours in the U.S. have pushed back in the other direction, with the balance of economic data being stronger than expected.  The net effect is relatively unchanged trading levels and a Fed week that has been best described as "ho-hum" so far with trading levels perfectly in line with yesterday's pre-Fed levels. 

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Bonus chart: a before and after dot plot from yesterday (sort of helps reinforce the ho-hum takeaway).

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