If yesterday was marked by rather aggressive comments by Fed's Williams (aggressive enough to convince a few market participants that the Fed might cut by 50bps at the end of the month), today was marked by the retraction of those comments.  Well, at the very least, that was the only relevant development of the day, and it happened in two phases.

The first phase was a simple interview that unwound less than half of yesterday's gains.  That actually happened late last night and was well priced-in by the time markets opened.  The 2nd phase happened in the middle of the trading day when the WSJ released an article saying the Fed was likely to only be cutting by 25bps at the end of the month.

That was good or another 25% unwinding of yesterday's gains, but the weaker momentum fizzled quickly enough to leave the broader sideways grind intact.