Minutes of the Federal Open Market Committee, September 15-16, 2026

Transmission logic: Minutes shape rate-path expectations, feeding into net interest margins and loan demand—bank stocks are highly sensitive to forward guidance.

1. #1BACBank of AmericaWatchlist

   +1.2%

   🟢it lifts attention only — fundamentals unchanged, a days-long sentiment pulse, unlikely to persist, price has not reacted and volume is quiet — likely not yet digested. The information gap may still be open.

   Its longer-duration asset book amplifies sensitivity to shifts in the expected rate path.

   🟢 Not yet digestedSentimentUnpricedgap +1.2%quiet · unnoticed0.89×

2. #2JPMJPMorgan ChaseWatchlist

   +1%

   🟡it lifts attention only — fundamentals unchanged, a days-long sentiment pulse, unlikely to persist, price has barely reacted.

   As the most rate-sensitive megabank, minutes hinting at higher-for-longer rates would support net interest margins.

   🟡 Mostly digestedSentimentUnpricedgap +1%

Transmission logic: Hawkish minutes would lift long-end yields, pressuring the discounted valuations of high-multiple growth names.

1. #1NVDANVIDIAWatchlist2nd-order

   -0.8%

   🟢affected indirectly (second-order), the impact is on valuation (rates, multiple or dilution), a days-long sentiment pulse, unlikely to persist, price has not reacted and volume is quiet — likely not yet digested. The information gap may still be open.

   A high-multiple tech bellwether sensitive to discount-rate shifts; hawkish signals compress its valuation.

   🟢 Not yet digestedValuationUnpricedgap -0.8%quiet · unnoticed0.85×

Transmission logic: Language on the rate path directly influences mortgage rates and REIT financing costs.

1. #1PLDPrologisWatchlist2nd-order

   -1%

   🟢affected indirectly (second-order), the impact is on valuation (rates, multiple or dilution), a days-long sentiment pulse, unlikely to persist, price has barely reacted.

   As the largest industrial REIT, its valuation is highly elastic to changes in rate expectations.

   🟢 Not yet digestedValuationUnpricedgap -1%

Transmission logic: Minutes reprice the rate path, moving gold, Treasuries and the dollar, with spillovers across asset classes.

1. #1BTCBitcoinWatchlist2nd-order

   +1.5%

   🟡affected indirectly (second-order), it lifts attention only — fundamentals unchanged, a days-long sentiment pulse, unlikely to persist, price moved the opposite way — the market is focused elsewhere.

   Risk assets benefit when liquidity expectations improve; bitcoin is sensitive to policy language.

   🟡 Mostly digestedSentimentDiverged

2. #2TLT20+Y Treasury ETF (TLT)Watchlist

   +1.2%

   🟢If officials lean toward easing the pace of tightening, falling long-end yields lift bond prices.

   🟢 Not yet digestedValuationUnpricedgap +1.2%quiet · unnoticed0.74×

3. #3GLDGold ETF (GLD)Watchlist

   +1%

   🟢A dovish read lowers real yields and the dollar, benefiting non-yielding gold.

   🟢 Not yet digestedValuationUnpricedgap +1%quiet · unnoticed0.9×