Fed Meeting & Yield Curve Steepening; Weak Jobs Data Eases Rate Fears

Post-Fed: 30Y-3M spread widened 20bp to 1.43%, 30Y yield 5.20%. S&P 500 entering negative gamma. Warsh proposes fewer FOMC meetings. Gamma squeeze likely done. Aronov warns of rate hikes if inflation climbs. Weak July jobs data (23K lost) caused dollar drop and stock climb, reducing rate hike risk. US-Iran deal hopes also support equities. Oil spike and bond yield rise continue.