from Zero Hedge
Now that everyone has finally figured out that the only way to make money is to frontrun central banks – something we have been pounding the table on since mid-2009 when we said that the only two financial statements that matter are the Fed’s H.4.1 and H.3 – and not just central banks, but central banks who are now so intimately intertwined in capital markets that the moments they adjust one variable, they unleash a torrent of “reflexive” actions which promptly leads to a cascading effect across the markets and promptly undoes whatever it is that they want to do (Yellen’s recent failed attempt at hiking rates being the best example), we are glad to see that what was until recently yet another apocryphal “conspiracy theory” is the de facto norm.