Stocks fight the Fed!

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Charlie McElligott at Nomura:

SUMMARY:

Despite a really fragile macro backdrop of “higher (and tighter) for longer” which continues to bleed growth sentiment—yet against an “FCIeasing” driven by risky-asset reflexivity on the perception that “growth slowdown” will see Fed back-down from their ongoing “hawkish” rhetoric—weare in the midst of an angst-ridden pain-trade higher in Stocks which is pushing us back into increasingly “unstable” FOMO-type behavior, because nobody is there for this move…

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.