‘Tis Fed Day, the consensus now overwhelming for a “pause” even as the Fed’s favoured inflation gauge (Core PCE as reported 26 May) is double (4% annualized) the desired rate (2%). We’ll see if the FOMC vote in unanimity to “pause”, or if there is dissent. At present, Copper is the only BEGOS component outside (below) today’s Neutral Zone; volatility is expectedly light. By Market Values, in real-time the Spoo is now 301 points (a massive deviation) above its smooth valuation line; and the S&P’s “textbook” gauge is now “extremely overbought”. Prior to the FOMC’s Policy Statement, the Econ Baro receives May’s PPI.