The Fed funds rate is not the appropriate rate to monitor, notes Jeffrey Cleveland. He discusses geopolitics weighing on the markets, as well as the Fed’s continuing fight against inflation. He talks about how credit spreads are narrow, defying the “tight money” narrative. He highlights that the Fed’s balance sheet matters more for markets than the Fed funds rate. He also looks at expectations for next week’s PCE print. Tune in to find out more about the stock market today.