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FOMC tomorrow & a rate hike is now genuinely back on the table.
Markets currently pricing ~35% for it, still not quite 50/50 but the fact we're discussing hikes again is the whole story.
Stocks already sold off further, especially growth-sensitive ones is another proof about what the market worries about rn.
So tomorrow:
no hike => market exhales, chop continues/relief rallies.
hike => risk-off & bleeding through the summer lull
Be ready to get chopped up & probably smart to avoid any leverage trading until its done.