Macro Strategy Insights

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We made it through the Fed. 25 bps with a sense they are looking to hike again. No “surprises” during the press conference, which was pleasantly short. He went out of his way to “blame” global supply, especially hyperscalers, for the pressure at the long end of the yield curve. That pressured the long end, which then dragged down stocks. The slightly hawkish tilt could have hurt stocks too, but it should have helped the long end. As always, positioning is weird, trading is heavily algo-driven, hunting for stops, during and immediately after the FOMC. I really wish this was ... Back To Regularly Scheduled Programming

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