Last night’s ramp job is brought to you by the usual suspects: VIX, CL and USDJPY. VIX made a new low, of course, while CL pushed up to prices not seen since Oct 10, 2018, and USDJPY broke out to new highs. The Fed might be further and further up a creek with a growing chorus of critics lining the banks, but the algos could care less.
Speaking of the Fed’s creek, note that 2s10s just reached our backtest target. Will it matter?
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