And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.
I was told Icarus would be unleashed.
“Clients and colleagues are asking if there’s a magic interest rate that’s kryptonite to stocks; is it 3.0% or 3.5% on the 10Yr Treasury?”
If you don’t have a sense of humor, the market’s reaction to the Fed minutes was probably pretty frustrating for you.
Obviously, interpreting the January Fed minutes is going to be a self-referential nightmare bordering on the absurd.
“…we’re not sitting here trying to engineer a certain level of the stock market.”
Well, the debate around what the number is for 10Y yields has devolved into a veritable obsession for markets at this point.
The win streak is over.
In any event, take all of that for whatever it’s worth, and if you don’t agree with it, don’t fret because invariably, this debate will rage on for months.
There you go. Lots of “bummers” on the horizon. So you know “savor” the moment, because…
But hell, you never know these days. U.S. investors are a funny bunch and they’re prone to defying common sense when it comes to piling in for absolutely no reason whatsoever.
“Right away, you’re ready to sell it.”
Funny what losing $3 trillion will do.
“This time is different.”
“When I’ve raised hell you’ll know it.”