With the U.S. election now behind us, all that's left to do for us is to deal with the aftermath and aftereffects. Today was all about higher rates and a higher POSX. Tomorrow will bring Jerry and his fedlines and this might prompt a reversal of some of today's action. As such, let's just takeout day by day, assess what happened today and then look forward to tomorrow and Friday.
For today, there's not much left to be said. The algos took the huge moves in rates and POSX and drove total volume in CDG and CDS to be more than 2X their usual daily average. The Banks have undoubtedly...
