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The Federal Reserve as expected cut rates to 2.00 -.25% after a two day meeting on Wednesday with Jerome Powell as Chairman. Markets had priced in a 67% chance of the Change. Says Labor market remains strong with moderate economy.

US building permits for August came in at 1419 K v a 1300K estimate and Housing starts were 1364K v a 1250K estimate. Both building permits and housing starts are at their highest since 2007

Oil had its largest percentage move since 1991 after the Saudi attack and fell sharply after Aramaco restored 70% production  EIA reported Crude oil inventories grew +1058k bbls with  Gasoline and Distillate builds last week. Cushing a smaller draw of -647k bbls. US production just off the new record high with 12.40 mbpd.

FedEx Corp reported worse than expected first quarter 2020 earnings after the close Tuesday. The trade war has hurt $FDX more than most with it's large China presence seeing it lower its guidance for full-year 2020. $FDX was trading down about 9% after hours.

Houthi rebels from Yemen launched successful drone attacks on the world's biggest petroleum processing facility in Saudi Arabia Saturday. Reuters reports that up to 5 mbpd of production has been impacted, half of Saudi Arabia's output. Fires reportedly under control but damages unclear.

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