The pivotal moment in #Fed press conference:
When (incorrectly) told the market had reacted positively, Jerome Powell seems frustrated and lists ONLY reasons why this is the wrong interpretation.
Very telling for #stocks.
$QQQ $SPY #macro#inflation
Powell really didn't say anything shocking today from the point of view of the bond market: Expectations for rate hikes moved up only marginally.
But the stock market might be internalizing that there was no dovish pivot in July and that there won't be one any time soon.
@jam_croissant I'd be interested in debating this point. The old trade doesn't just "roll off" it requires a market on close settlement trade by someone and that risk can't be transferred and comes at the expense of JHEQX shareholders if left unaddressed
Writing Twitter, I come with holiday gifts:
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Clock starts... now ⏳