S&P 500 didn‘t maintain premarket momentum as fresh banking doubts resurfaced, pulling down cyclicals. It wasn‘t though a full-blown panic as (tech) megacaps, semiconductors and communications were benefiting alongside long-dated Treasuries. 2y yield is though clear on what it expects from the Fed – no more serious tightening (fuelling PMs). That would translate into compromising on the fight against inflation, and towards backstopping the financial system ($300bn balance sheet expansion in a week plus $160bn over the discount window is handily outdoing the Great Financial Crisis actions). Q4 …

Read More