sp'daily5
VIX'daily3
Summary
US equities opened moderately higher, but the gains were shaky from the start, with most indexes turning red... if only fractionally.
Meanwhile...
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| Powell answering to the US House |
Most notable today...
"Negative rates are not something we see as appropriate... at least, at this time".
Indeed 'at this time' is rather telling. Having now moved to the corp' bond buying stage, all that is left for Print Central are negative rates and equity purchases. Both seem a given... the only issue is when. Powell's (probable) successor Bullard, will not hesitate to take rates negative, but such a new fed chair isn't due until Feb'2022.
The afternoon saw choppy upside to sp'3141, but then leaning weak into the close.
Volatility was itself very subdued, the VIX settling -0.6% at 33.47. The s/t cyclical setup will favour the bears, not least on a Thursday.
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Goodnight from London
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