“It’s almost as if we are stuck in neutral because they don’t want to harm the excitement of Jackson Hole. Will ticket prices decline if they don’t get to premier the hottest release?”
Full visual tour.
“That throw away line, that people came to expect and then ignore, was very likely to have been delivered with serious intent and forethought.”
Thursday was all about people who might have gotten away with murder…
It’s time to call bullshit.
But don’t worry:
DRAGHI SAYS ECB TO STAY IN MARKET ‘FOR REALLY LONG TIME’
“The market reaction to Draghi’s speech last month in Sintra has made some policy makers more cautious.”
If you didn’t get your fill of hand-wringing over DM central banks last week, then you’re in luck…
The message is loud and fucking clear: the vol. seller’s/ carry trader’s paradise and the risk party that’s made every homegamer with some SPY and QQQ look like a guru for the past eight years depends on DM central bankers staying some modicum of dovish. And on that score, bad data helps.
These fuckers are quite literally trying to engineer a Thursday bond sell off before our very eyes and the idea seems to be that they can do it without risking any concurrent weakness in equities because no one will want to sell with Yellen still talking.
It’s Friday and God said, “let there be data: and there was data.” Let’s start in Europe, where inflation slowed to 1.3% y/y this month from 1.4% (final) in May. That’s a bit higher than estimates. The core rate printed at 1.1% y/y, that’s also a bit higher than forecast and higher than May’s 0.9%…
It will take more than anonymous ECB sources to cool the desire to bet on the euro and dump the dollar. That’s from Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney, and it tells you pretty much everything you need to know about the mood on Thursday. Callow is of course referring…
Well, the overnight action was predictable under the circumstances, but it’s nevertheless unnerving for anyone long risk at these levels. A day after Mario Draghi took what certainly seems to have been a hawkish turn by saying the ECB would “look through” lackluster inflation data, the euro hit a 1-year high: “Macro accounts jumped on…
“We have been arguing that tapering will come anyway, largely because of technical/ political constraints around QE. The ECB will still have to justify this with a macroeconomic narrative.”
Boy, I’ll tell you what, if you’re a central banker and you’re going to say something in public about monetary policy, you better make sure you choose your words really fucking carefully, because this market is hyper-sensitive. Here’s what we got from Draghi who, speaking at the ECB Forum on Central Banking in Sintra, Portugal, said he…
