Last friday Fed Williams put out to two important comments which temporarily put a floor in for risk assets Also quite well reflected in the market pricing out the december cut in prior weeks to now pricing in a december cut all while realistically the data post gov shutdown has lower reliability for the Fed but per usual the market will kick the can down the road going into Q1 2026 What this all means for risk assets is a period of higher vol around headlines regarding fiscal policy & inflation - labor(Skew Δ)