Good morning contrarians! Happy Swiss National Day! As we enter a new week and new month, there is a debate over whether the Fed is indeed pivoting toward neutral interest rate policy. Powell clearly hinted at that during Wednesday’s presser, but was he speaking out of turn?

Minneapolis Fed President Neel Kashkari appeared to walk back Powell’s pivot over the weekend. Or did he? So far the market doesn’t appear too concerned. Futures are down but not by much.

We have earnings today: $L just reported. Later on we’ll get $BIDU and $ATVI.

More on what’s likely to move markets today and this week is here: