Will the Fed pull the trigger at either the September, October, or December FOMC meeting? I believe the financial markets are so fed-up with “will they or won’t they” that any rate hike this year will be viewed as a non-event. The probability is 90% certain that we will see the Fed do what needs to be done at one of these meetings or miss their chance at normalizing monetary policy and reloading the accommodating gun. Now that the one week world market panic has resided, and traders are back to acting normal, it makes sense to continue our buying of UST notes in the 2-3 year range. The bps spread between the 1, 2 and 3 year notes, respectively, limits market risk and provides a yield curve advantage. Postponing the rate rise because of world worries diminishes faith in recovery and policy normalization. The 2nd quarter GDP revision, which was up from 2.3% to 3.7%, provides the opportunity to muster the votes and take charge. The stock market decline was just an overdue correction, not a cause for panic. Volatility will persist as we continue to digest commodity price adjustments and global events.