It was a totally stupid day. A big miss in the BLSBS led to a surge on rate cut odds, a drop in bond yields and a plunge in the POSX. That, of course, was good enough for a huge rally in stonks. However it was also good, of course, for a massive plunge in CDG and CDS. Though prices eventually recovered, we were all reminded that pricing power still resides in New York and not Shanghai.
For today, I'm not sure what else to say that hasn't already been covered in the morning post and comments. But we try to add a little color before moving on to these three images:...
