Wall Street has written off a Fed cut this month as it awaits 2 market-moving events today

Back in October of last year, 55% of traders in Fed Funds futures contracts assumed the U.S. Federal Reserve would deliver an interest rate cut this month, bringing the base rate down to the 3.25% level. Today, 90% of them think the Fed will hold rates at 3.5% when it meets in 19 days time.

In other words, another cut from the Fed is off the table, as far as Wall Street is concerned.

Two factors appear to have helped change traders’ minds about the Fed’s plans. And by weird coincidence we’ll get new...