The Anticipated CTA Flip To ‘Max Long’ US Stocks Is Here: Nomura’s McElligott

On Thursday, following the Fed's "capitulation" moment, Nomura's Charlie McElligott weighed in, exclaiming that the committee is now "de facto" easing. "The Fed (over the course of a month and half) goes laughably 'all-in' on the slowdown story and markets respond with the 'QE trade' of old", he wrote. After putting everything in the context of his "fear the steepener" narrative, he noted the obvious, which is that in the near-term, Powell's relent has the potential to catalyze a rally in ris