With 5/12 FOMC members casting doubts about the need for further cuts, Dec FOMC might see a hawkish cut as base case.

National Economic Council Director Hassett has emerged as the front runner for the next Fed chair as per media reports yesterday but DXY & 10yr USTs yesterday's do not yet reflect his chances of being selected.

Fed Chair Powell surprised bond markets yesterday to deliver a hawkish cut.

Can Fed Chair Powell sound hawkish tomorrow in the post FOMC press conference.

We have argued consistently that US bank reserves are nearing ample reserves and funding markets are starting to show signs of stress. Today Powell stated that QT is nearing it's end soon.

US BANK RESERVES HAVE FALLEN BELOW THE CRUCIAL 3 TN USD MARK. THE CURRENT BANK RESERVES ARE FALLING CLOSE TO AMPLE RESERVE LEVELS IMPLYING FED'S QT PROGRAM IS NEARING IT'S END.