Courtesy of Jesse's Cafe Americain
The question of course is by whom and for what reason.
It could just be the tendency of the wiseguys to take it higher in the absence of real activity, just because they can, until it becomes priced for fantasy.
Or it could be some of the better connected banks and trading desks front running the Fed.
It certainly is not justified by the economic fundamentals. But that may be an artifact from the old days in which the market reflected the real economy, and allocated capital according to its needs to enable efficient use of productive resources.
In these days of fading empire when the major activity of the US is making money from money, the market is the economy, and its primary function to redistribute wealth from the bottom to the top.