This month's dot plot and interest rate meeting is over, and while this outcome was not what the market expected, the fact that it has happened means that the market has to acknowledge that it has now accepted the expectation that there may only be one rate cut , but that doesn't mean that the next data is meaningless.

So for now it's September's dot plot that can be gamed, once or twice. Beyond that, the monthly macro releases will still make markets volatile, only with slightly lower energy, such as this evening's one-year inflation expectations from the University of Michigan.