It is the 14th of October 2019

News

Boring Equity Action Masks "Devastating Eurodollar Unwinds" After Dudley Speech

On the surface, and in equities, it was a painfully boring day.

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Stocks Tumble: Fed Spooks Traders With Bubble Warning

Was today the Yellen Fed's Irrational Exuberance moment?

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Albert Edwards: This Is The Reason Why The Market Doesn't Believe The Fed Any More

While it was generally a quiet day in the market, an unexpected tension emerged today: first central banker incubator Goldman Sachs, and then RBC both made the case that Janet Yellen has not only failed to communicate what yesterday's rate hike means, but that the Fed has effectively lose control of the market, by unleashing just the opposite reaction of what the Fed had intended: in fact, as Goldman explained, the response to the market was the equivalent of "almost one full cut in the federal funds rate." In other words, instead of hiking, the market interpreted the Fed's action as a rate cut, which according to Goldman will force the Fed to explain that the market was wrong, prompting even more volatility when the market's inevitable cognitive dissonance hits.

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The 3 Biggest Picture 'Long-Short' Trades In The World

8 years after the beginning of "Bull & Fed's Excellent Adventure", BofA's Michael Hartnett is starting to have his doubts.

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Goldman's Fed Minutes Post-Mortem: "The Elephant Was In The Room After All"

Earlier we showed what some of the more prominent sellside strategists thought of the FOMC's surprisingly hawkish (yet maybe not) December minutes. And now, to top off the Fed Minutes day, here is perhaps the only analysis that matters: that of Goldman Sachs, which notes that as we speculated in December when the Fed hiked, "the hawkish December FOMC statement and accompanying increase in median interest rate expectations were to some extent motivated by the possibility of easier fiscal policy–as opposed to a shift in the FOMC reaction function."

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