Cover of Risk-off Into Fed Minutes.

Risk-off Into Fed Minutes.

Risk-off Into Fed Minutes.

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The Tape Read — Pre-Market Intelligence Brief for August 19, 2026. Tape opens risk-off into the 2 p.m. FOMC minutes, the 30-year yield near a two-decade high and semis still heavy; the standout is Moderna's ~86% pre-market surge on a Merck melanoma-vaccine win — an event repricing, not a flow setup. No directional cards today. Full written brief for paid subscribers at thetaperead.morganbranch.co. Educational and observational only — not investment advice.
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