‘Fed Week’ Kicks Off With ISM Manufacturing, Earnings: Daily Contrarian, Nov. 1

Risk assets are pointing higher to start the week…

Good morning contrarians!

Stock futures are higher with small caps leading the way. The Russell 2000 is up 0.8%. Dow Industrials, S&P 500, and Nasdaq are all up about 0.4% to 0.5%. Bonds are selling off, especially at the front end of the curve, with the 2-year yield up to 0.5090%. The 10-year yield is up to 1.58%. Cryptos are rallying, with bitcoin up over 2% to 62,000. Those numbers as of 0630.

This week is going to be all about the Federal Reserve’s meeting and decision to taper bond purchases. There are reasons to believe this will be a bit of a non-event. More on that later in the week.

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