Big BLSBS Miss

Fri, Sep 3, 2021 - 10:16am

We've been waiting all week for the BLSBS. We've watched The Banks cap price at the 200-day moving average and our concern grew that today would bring a slam. Instead, the BLSBS came in at about 30% of expectations and it now appears that our concerns were unwarranted.

Of course, it's not over yet and there's still plenty of time left in the day. However, with today's news, any mention of taper in two weeks at the next FOMC appears to be off the table. As usual, the best summary you can read comes from ZH:...

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