Today’s session was nearly boring for those who got used to the volatility of the past two weeks. Stocks seem to want to return to their daily “money market like” equity market grind higher as if nothing had happened... (which of course is not true). Some reassuring comment from Fed Chair Powel that the Fed will take into account the stability of financial markets in its decision making were welcomed by markets, stocks, bonds .. and gold alike perhaps coming in contrast to previous comments that the Fed’s intention to notmalize policy will be unaffected by the recent market turmoil. It also likely followed a forceful intervention aimed at stabilising S&P futures and everything else for that matter. Of note perhaps yesterday was dollar weakness returning which drove the dollar back to where it was before stocks had a stroke. A powerful sign of prospective dollar weakness in our view considering that stocks have not recovered all their losses yet.
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