Both S&P 500 and real assets welcomed the BoJ not giving ground, which translates into more money creation in defence of JGB yields, with USD consequences (no relief rally just yet, no). Likewise the incoming data didn‘t send risk assets cratering. Markets want to believe that this disappointments (interpreted in the tweet I linked to), make Fed pivot closer. That‘s a miscalculation – reckoning awaits, and it will take time to arrive. Q4 2022 hedge fund letters, conferences and more So, make sure you‘re signed up for the free newsletter and that you have my Twitter profile open with notificati…

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