The Fed minutes were hawkish – even Goldman Sachs and Jon Hilsenrath admitted it – so the exuberance in stocks (and VIX pressure) must reflect a desparate hope that Janet Yellen will indeed go full dovish tomorrow (or fear the consequences as we noted here). Record highs in stocks, however, are not being followed through by the USD (down today), Treasury yields (long-end down from FOMC minutes), gold (down), or HY credit.
From the minutes…
And HY on the week…
Chart: Bloomberg
via Zero Hedge http://ift.tt/1ljg0uY Tyler Durden