Deja Vu All Over Again

Thu, Apr 29, 2021 - 10:00am

It's just the same old, same old. Rates spike and the HFT algos dump CDG. No matter the fundamentals. No matter the dollar dilution. Nothing matters. And here we are. Pinned and stuck below $1780 just like we were last year at this time.

So what happened? How did we go from a nice post-FOMC rally yesterday to today's smash and dump? It's simple. PETUS. The old dude rolled out plans for at least another $4TRILLION in deficit spending last evening and, with no conceivable way to "pay for it" through confiscatory taxes, the bond market has sold off....

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Key Economic Events Week of 5/3

5/3 9:45 ET Markit manu PMI
5/3 10:00 ET ISM manu PMI
5/3 10:00 ET Construction Spending
5/3 2:20 ET Chief Goon Powell
5/4 8:30 ET US Trade Deficit
5/4 8:30 ET Factory Orders
5/4 1:00 ET Goons Daly and Kashnkari
5/5 8:15 ET ADP jobs report
5/5 9:45 ET Markit service PMI
5/5 10:00 ET ISM service PMI
5/5 12:00 ET Goon Mester
5/6 8:30 ET Productivity and Labor Costs
5/6 10:00 ET Goon Kaplan
5/7 8:30 ET BLSBS

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