- Ed Yardeni cut his S&P 500 view to 7,900 on downturn risks.
- Markets await the Federal Reserve's rate decision, with a 25 basis point hike expected.
- The S&P 500 hovers around 7,600, with the 10-year yield at 5% pressuring valuations.
- Kevin Warsh's comments at the press conference will be the key tell for markets.
Quotes
“A hike of 25 basis points is expected. That, in and of itself, probably will not move much. It is the tone of the press conference that will be the real tell.”
“Longer term, I am still bullish until something completely changes.”