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Lehman Trader Learns First Rule Of Dramatized Market Commentary
It'll be difficult to escape hawkish Fed interpretations over the next week or so.
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It is a slow summer type market. The FOMC/Board of Governors dot plots are a shift, but not really a major one at this point. Right now in the real world away from Fed navel gazing-fiscal policy and the course of the economy and the virus are far more important. The Fed is a price taker now, and they get more hawkish when the outlook looks better and dovish when things do not. So we have a bull flattener right now in UST bonds, maybe guys were short duration? Stocks maybe were discounting/hoping for more time from the Fed. It could all blow over in a month. We shall see….
I see a growing number of dip buyers slavering over the dropping prices. A month may be way more than they can stand doing nothing on the sidelines. But…been wrong before.