As our faithful readers know, the Lead Left is a keen observer of the heavens. So it’s with great interest that an observatory in Crimea detected an interstellar visitor – a comet called Borisov, that will swing it close the Earth just in time for Christmas.

According to one astronomer, “It might behave the same as comets from our own sun, or it might not.”

Closer to home, similar uncertainty surrounds the behavior of interest rates. The Fed will continue to signal to markets to expect one more rate cut to combat a sluggish economy and trade worries… or it might not.

There are no clear signs for policy makers one way or the other. Evidence exists of a still-growing economy as reflected in recently higher Treasury yields and close to record high on the Dow and S&P. But a long list of headline risks are having a dampening effect. Not to mention the political risk of a less-than-dovish Fed…

▶︎ Read Sept 16 2019 newsletter: here