It was the worst of both worlds today as the FOMC cut the fed funds rate by 50 basis points but Jerry was able to talk down expectations in his press conference. This led to a complete reversal in CDG and CDS and likely opens the door to more weakness in the days ahead.
Ugh. What a frustrating day. Our hope in the short term is that "the market" returns to where it was pre-Jerry. Namely, that the FOMC has gone from just one expected cut before year end to FOUR, all in a matter of just 90 days. My concern is that the POSX will continue to rally tomorrow and Friday and that CDG and...
