‘Previously Unthinkable’ CTA Deleveraging ‘In Play’, As Legacy ‘Long’ Signal Vulnerable: McElligott

‘Previously Unthinkable’ CTA Deleveraging ‘In Play’, As Legacy ‘Long’ Signal Vulnerable: McElligott

Everyone knows it: The Fed is going to have to do something. And probably sooner rather than later. Richard Clarida spent last week insisting that the Fed doesn't suffer from the "hall of mirrors" effect (or "affliction") as he called it, but they can't ignore market pricing forever - not when financial conditions are tightening and not when wrong-footing the market has the potential to unleash an even more powerful impulse in that regard. "UST yield curves have now pivoted toward a clear 'bul
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