Wall Street continues its rollercoaster amid myriad influences

Wall Street continues its rollercoaster amid myriad influences, though aside from positioning, one of the dominant ones today is the advent of the FOMC minutes to the May meeting. And the big question is whether the Fed will blink. The major indexes are all in the green, shedding early losses. The NASDAQ is pacing the rally with a 1.0% gain, with the S&P 500 and Dow up 0.70% and 0.45%, respectively. Equities are in hopes of a "Fed put," and while that remains elusive as inflation remains elevated, the market has priced out the more aggressive policy path that had been feared earlier in the year, before Chair Powell took a 75 bp hike off the table. The markets are priced for 50 bp increases in June and July, with a more shallow trajectory generally expected thereafter. There is even some speculation of a pause in September.