Predictably, it went awry almost immediately.
All eyes on (geo)politics. And Canada. Of course.
So who’s really in the driver’s seat here? As usual, there’s a strong argument to be made that it’s the Chinese.
Remember back in late May and early June when the PBoC engineered a pretty epic short squeeze in the yuan?
“He’s just gonna decide – out of the blue! – to rip us off?”
“Restocking.” Figuratively and literally.
Who’s still drunk?
“Felix, you had me at hello”…
“…the Minsky threat of a financial crisis per se is lower than the risk of generalized downward pressures on economic growth should the policy effort falter.”
“Let me in.”
Come one, come all.
“When asked their worst trades this year, they mostly cited buying volatility, credit protection, or equity puts.”
And now, back to your regularly scheduled programming…