The Bond, Euro, Swiss Franc, Gold and Copper all are at present below today’s Neutral Zones; the other BEGOS Markets are within same, and volatility is mostly moderate. The FOMC voted to raise FedFunds as expected by +0.75%, the upper end of their target range now 4.00%; another +2.00% to 6.00% would place the rate in line with the Fed’s favoured inflation gauge — the Core PCE Index — the annual rate of which is also running at 6.00%. As a rather meager Q3 Earnings Season continues to unfold for the S&P 500 (the median earnings gain being +4.5%), that along with increasing geo-political tensions (RUS/UKR, NKor/SKor, IRN/SAU, CHI/TWN) gives us concern for lower S&P levels in the offing. Today’s busy incoming stream of metrics for the Econ Baro includes October’s ISM(Svc), September’s Trade Deficit and Factory Orders, and Q3’s revision to Productivity and Unit Labor Costs.