We continue to keep a close eye on the stocks and sectors most affected by Situational UnAwareness (last weekend’s T-Report). No Hikes For YouAccording to the Bloomberg WIRP function, the market went from pricing in a full hike in September, as recently as July 24th, and is now back below a 50% chance (which I think is still too high). The front end will start pricing out fewer hikes. Not just by direct involvement in projects (which will happen) but also by putting conditions on what the government will buy, to the extent that it makes projects economical, where they otherwise wouldn’t be. Not just by direct involvement in projects (which will happen) but also by putting conditions on what the government will buy, to the extent that it makes projects economical, where they otherwise wouldn’t be.