Early into “Fed Day” we’ve both Copper and the Spoo presently above today’s Neutral Zones, whilst Oil is below same; BEGOS Markets’ volatility is understandably quite light. By Market Values for the five primary BEGOS components, in real-time the Bond is 3^28 points “high” above its smooth valuation line, the Euro 0.025 points “high”, Gold -139 points “low”, Oil -21.11 points “low”, and the Spoo +383 points “high”. By the latter’s Market Profile, the most volume-dominant overhead resistor is 7630 with like support at 7497; the futs-adj’d “live” P/E of the S&P 500 is 47.9x and the yield 1.115%; that for the “risk-free” annualized three-month T-Bill is 3.630%, (better than 3x the “all-to-risk” S&P). The Econ Baro looks to May’s Retail and Pending Home Sales, as well as April’s Business Inventories. Then at 18:00 GMT comes the FOMC’s “no rate change” Policy Statement, albeit we think ’twill pull the trigger six weeks hence on 29 July.