The January 30th cliff is the next hammer.

The Fed is torn between cutting rates to save the job market or keeping them high to kill inflation.

Today, the market realization is that they might not have a choice.

Congress is racing to avoid a partial government shutdown on January 30th, just as the FOMC meets to decide on the next rate path.

If the government goes dark and the Fed stays hawkish, the "macro dip" could turn ugly.

This is"Step #5" of the playbook, the volatility is about to hit.