So we are now in the middle of what is likely to be a period of volatility until we come out the other side today afternoon, following Apple’s results. The Fed meeting was a non-event on the surface, but the three dissents set up a challenging path ahead for Kevin Warsh to cut at the next Fed meeting in June. With Powell staying on, I doubt Warsh will garner the votes needed to cut at any point in the near future. December Fed funds futures closed at 3.65%. [...]