There's a whole range of signals. Despite weaker US data, earnings expectations and credit performance remain supportive. Earnings are above expectations, and earnings forecasts for 2026 are being revised higher. Credit spreads could tighten.

Yes, post-FOMC there is two-way price action. Debate over whether the Fed will deliver the December rate cut continues. This will likely cause increased volatility as Fed speakers provide commentary.

We expect some steepening from here. Duration looks vulnerable after a strong October. If the pro-risk backdrop continues, duration might sell off somewhat as investors rotate from bonds into equities.