The Boilerplate Copy

It wasn't terribly difficult to write the boilerplate copy headed into the weekend. Just days removed from what some traders initially described as "a momentous markets turning point," US equities hit a new record high after logging their best week since February (figure below). The VIX, meanwhile, dropped to pre-pandemic levels. Fed officials didn't so much "walk back" the hawkish lean inherent in the June dot plot as much as they did walk a tightrope during a dizzying series of speaking enga