Turmoil?
Yellen was hawkish but offered some dovish hope, Fischer dashed that hope, and Powell piled on… (Once again it seems VIX 14 was the target)
Post-Yellen, not pretty…
But Fischer was the big break…
Stocks tumbled on the day… but the ubiquitous late-day panic bid sent Nasdaq green
But the machines took over in the last hour – desperate to get S&P back to VWAP…
And everything but small caps ended lower on the week…Worst week in 2 months for S&P
As a major squeeze was unleashed into the last 30 mins…
The USD Index soared – after an initial nose dive – led by Swissy and Yen weakness…
But Cable seems to be the new carry trade du month…
Perhaps even more notable, China's currency plunged most since Brexit…
Treasury yields crashed and smashed today with the short-end majorly underperforming..
But the curve collapsed (leaving 12m Libor – 10Y Treasury inverted)…
And banks rallied (on hike hopes) despite the collapse in 2s30s to Dec 2007 lows…
Intraday, headline driven…
Despits the surge in the USD, commodities actually ended the day flat (with silver +0.5%) – but all notably lower on the week…
Finally some longer-term context for today's swings…
Charts: Bloomberg
h/t @BarbarianCap for title 😉
via http://ift.tt/2bV7alL Tyler Durden