As anticipated, the Fed stood pat on its Funds rate, albeit we were encouraged that three FOMC members voted to raise: today’s PCE data for June shall complete the month’s inflation puzzle. At present, we’ve the Bond, Euro, Swiss Franc, Gold and Silver all below today’s Neutral Zones, whilst above same are both Oil and the Spoo; session volatility for the BEGOS Markets is firmly moderate. To be taken with a grain of salt given the ways of the war, Oil’s “Baby Blues” of trend consistency (see Market Trends) have dropped beneath the key +80 axis, normally suggestive of lower prices; too by Market Values, Oil is (in real-time) +10.26 points above its smooth valuation line. In addition the PCE, ’tis a heavy-weight day for the Econ Baro, other incoming metrics including June’s Personal Income/Spending and the first peek at Q2 GDP.