Wait what…
The Fed made its statement and the machines tried to make sense of it…
Fed TL/DR: “the economy is slowing as inflation heats up” pic.twitter.com/UGHxwOBkDR
— zerohedge (@zerohedge) May 2, 2018
It took markets about 15 minutes to figure it out….
Stocks seemed to like the message of The Fed to start with, then…
Algos googling what “symmetric inflation objective” means.
They won’t be happy
— zerohedge (@zerohedge) May 2, 2018
And this happened…
As investors and algos alike realized this…
Stocks rallying because the Fed has admitted the entire time they were hiking was not because of strong econ growth, but to stop or slow the rally in stocks.
— Stalingrad & Poorski (@Stalingrad_Poor) May 2, 2018
On the day…Futures show the Mueller subpoena offset AAPL’s exuberant impact overnight, then The FOMC hit…
On the day Small Caps clung to gains…
The Dow closed in correction territory at a one-month low close…
The Dollar was the only winner post-FOMC…
Banks did not like The Fed statement…
The Dollar was wild today… Dumping and Pumping after The Fed statement as algos studied the word “symmetrical”…
Cryptocurrencies rallied on the day (with Bitcoin Cash jumping on admission to a UK exchange)…
Treasuries were mixed today with the long-end higher in yield and short-end lower in yield…
Which meant the yield curve steepened modestly…
A chaotic day in commodityland with WTI confused by inventory data and PMs confused by FOMC…
Gold jumped out of the gate but as the markets realized what The Fed said, things reversed with gold back to unch from FOMC…
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