FOMC Day: Feb 1, 2023

It’s finally here, and things are no more clear than they were the last time. Markets have been pumped to the point of a golden cross…

…via the usual nonsense: a relentless hammering of VIX……and DXY……and the 10Y, which should finally backtest its 200-day MA.

The markets behave as though the Fed has turned dovish and there’s no chance of a recession – earnings or otherwise.  But, we know it’s just the algos talking.

Will they be able to keep the plates spinning after Powell’s press conference? Can the FOMC really be comfortable with very loose financial conditions?

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