So as we touched on earlier, the FOMC was a big nothing burger as nothing unexpected happened and Jerome and Co. reaffirmed the commitment to expanding QE at a pace of $120Bln a month ($80Bln in USTs & $40Bln in MBS) not to mention a few other expansionary alphabet soup programs to add to the balance sheet. How can we expect any true or any real market risk signaling in the general economy when you have this much liquidity backstopping any selling? Yea we know QE doesn’t do anything to asset prices, cough, cough!
Anyway the announcement sent long bond yields up 5.5 basis points:
Those of us that live in the real world know the truth, its special low rates for the high powered levered types and record high credit rates for the commoner, you gotta keep the vig extra wide just because you can right.
Anyway the Global Futures Benchmark Program continues to think the market is under pressure and that the 11500 Nasdaq mark is key to the bulls continued upside push, yet it failed once again t…
