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‘You Can Feel It Turning’: Stock Melt-Up Takes A Toll
Increasingly, funds are concerned they might miss the proverbial boat, and one bank's client conversations suggest market participants are tired of fighting the equity rally.
"Their short books are killing them, while their longs are telling them to get more constructive and push net exposure back up," Nomura's Charlie McElligott said Friday.
Although there's a lot of nuance (what with Fed officials now messaging that rate hikes may not be done and pricing for the June meeting responding accor
When gaming out the debt-ceiling “crisis,” the two outcomes I think I erroneously under-weighted were a negotiated agreement (the sides just seem(ed?) too far apart), and a can-kick. I think a lot of the happy noises coming out of both the White House and Kevin McCarthy are setting up a can-kick at a minimum. “We’re close but we’re out of time! Let’s raise the debt ceiling enough to get through July.”
According to the Speaker’s office, the vote timeline will require 4 days in the House and 7 days in the Senate. With votes not starting until next week, that leaves zero days of slack, so a stop-gap patch seems likely.