Game Of Chicken

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FOMC minutes didn‘t reveal fresh hawkish tunes, but markets were caught off guard – unlike 3 weeks ago during the statement and press conference. It‘s as if S&P 500 and pretty much everything else woke up to the hawkish reality only now. In spite of the new liquidity powered Santa Claus rally, the sudden realization that the March Fed meeting might very well bring in a first rate hike, forced a sharp downturn across the board. Q3 2021 hedge fund letters, conferences and more The dollar wasn‘t too affected by the daily rise in yields that hit junk bonds particularly hard. The yield curve keeps …

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