The S&P 500 is down just 2 points shortly after the open. It initially declined by more than 15 points and futures an hour ago were much lower.
The turn came after a Timiraos article highlighting a 50 bps hike in Dec following 75 bps in November as the baseline. My suspicion is that many market participants were worried about a more-hawkish turn from the Fed towards 75-75 and this is a push-back.
