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Note: The Effective Fed Funds Rate of 1.090 is my guess. The New York Fed will post it tomorrow.

This morning I commented Fed Makes Surprise Inter-Meeting 50 Basis Point Rate Cut.

Strong inversions and Fed Fund Futures were the key to understanding why the Fed would jump 50 basis points.

Guess what. Even after that emergency inter-meeting cut, the yield curve is still inverted.

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The Fed is under pressure to cut again.

Mike "Mish" Shedlock