We likely need price confirmation tomorrow to solidify a breakout, but it's possible the Fed Minutes just tapped us into a whole new credit cycle to the upside. Reminder there is $7 trillion of cash on the sidelines in money market funds. If they cut rates, you do the math... Per @NickTimiraos - "Officials are divided into three groups 1) Cut this year but not July (the largest group) 2) No cuts this year 3) Cut as soon as the next meeting (which the minutes suggest is only a "couple", ie, Waller and Bowman) Markets are starting to discount a Fed easing. Let's check out some price action....