Tail Risks, FX Vol. And Tangled Christmas Lights
But here’s the paradox…
But here’s the paradox…
Deflect and blame the Fed. It’s so easy.
To quote Sesame Street: “Wednesday was brought to you by the letter ‘R'”.
The selling wasn’t over.
“The question is whether Powell has started a global economic slowdown that he won’t be able to stop.”
This is one incredible juggling act.
“We are united in our conviction”.
So much for the summer “lull”.
To be sure, the situation is “fluid”.
“A provocation”.
The algos do not appreciate that kind of thing, Mr. President.
There’s no room for the mincing of words.
Interpretation was rendered difficult by the Fed’s muddled message and the president’s latest tariff threat.
What’s not to “like”?
“When he figures it out, there’s only one trade you want on the sheets”.
“In the absence of conviction about the existence of political circuit breakers”…
“From the perspective of a ‘give ‘em an inch, they take a mile'”…
With the world – and Donald Trump – watching…
It’s been a long time since the last Fed cut. Here are some key levels to watch.
The BoJ did what they could do on Tuesday – which was nothing.
Trial by fire.
The wait is almost over.
“Any sort of ECB ultra-dovish ‘shock’ yesterday would have put considerable pressure on the Fed”.
Cheap options for “plain English”.
Even in a benign situation, a rotation could catch lopsided positioning woefully offsides.
“Over a long-term period” being the key phrase.
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