[…] The bubble momentum trade in financial assets was getting crowded and overdone.
The mavens of the markets tried to shake off the hangers-on yesterday, but Jay Powell nixed their plans with his happy talk.
So today the captains of Wall Street called for a down bubble, emergency deep.
Time to take out the garbage. Scrape the hull.
The challenge the financiers presented to the Fed showed up in the yields of the longer dated 5+ Treasuries and curve.
Despite the selling, the Dollar tread water very nicely just above 90.
VIX went north.
A grand wash day.