Is the Fed's hawkish cut priced into markets?

Today’s Macro Minute breaks down the Fed’s likely hawkish cut, why bonds have already priced it in while equities have not, and how a divided FOMC is complicating the policy outlook heading into 2026. We also highlight the growing importance of balance-sheet clarity amid rising funding stress and explain how KISS and Dr. Mo are navigating this choppy, catalyst-starved environment with discipline.