Intra-day Update

2:58: By the way, the effective fed funds rate was 4.98% on Friday. This was the sixth straight day where the index was below the 5.00% target. Fed does not look overly aggressive.

2:51: Bloomberg ran a story which said the 10 year treasury yield has been up 9 straight sessions, the worst showing since 1974. There is also a lot of press about the record large spec short in the Eurodollar futures. There is a lot of negative sentiment going into the FOMC meeting. This may set up a rally into the weekend – regardless of the outcome.