The FOMC will be announcing its rate decision on Wednesday, and that may move markets.

For now, expectations are for a 25 bp increase, and that is a fairly reasonable bet given the alternative downsides.

However, what the Fed and the Chairman may choose to say about the banking system, and the recent bank runs, is another potential for exogenous market impact.

Stocks had another wide-ranging day, with a finish unchanged to slightly green.

VIX is a yo-yo and today it fell.

Gold and silver went out mostly unchanged.

The Dollar fell a little.

We think we are something grander than ourselves.

Soon enough we will find out where things really stand, as the tides recede.

Have a pleasant evening.

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