Hi YXI friends,

It seems that only NVDA can save this panicking market.

I am not entirely confident it will per se (see more in section 2), but I am more optimistic that we are close to the end of this correction, as liquidity returns to the market towards the month-end.

The market only prices in a 40% chance of a December cut. While I think the Fed wants to keep the options open (not being forced by the market as such), the default path should be moving lower towards the neutral rate (circa 3%) steadily.

This reduces the risk of a sudden slide in business confidence and the labour market caused by a restrictive monetary policy in 2026, while still allowing the Fed to absorb data on the fly.

Therefore, we may see Fed speakers debating this precise point in the coming weeks to shape the market expectations (likely on the dovish side).

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