Stocks fight the Fed!

Charlie McElligott at Nomura:


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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