S&P 500 was rejected at 3,920s, but bonds didn‘t paint a disastrous picture throughout the day. The dollar‘s long lower knot seems to favor the bulls once the FOMC dust settles. I count on the Fed‘s 75bp hike and overall message to be hawkish, but it looks to be losing some punch since the Jackson Hole and Sep FOMC, which is visible in precious metals. Yesterday‘s economic data fed into the hawkish Fed fears, and the premarket session is continuing on the same note, with stocks, bonds, commodities and the dollar all declining – except for precious metals. Q3 2022 hedge fund letters, conference…

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