FOMC Market Reaction: Equities Up, TSY Yields Up'er, Commodities Up'est

Tyler Durden's picture

S&P 500 futures were initially undecided but eventually auctioned up to the highs and pushed on past (though somewhat un-confidently). High-yield credit is bid and leading the ETFs higher. Precious metals and Oil are the winners at the moment though (beta-adjusted) with Treasury yields snapping higher and holding those yield gains. The USD is weakening led by EUR strength (as pressure reverts back to Draghi) but JPY weakness is tempering the overall USD weakness. Energy by far the outperformer post-FOMC as the rest are moving almost entirely systemically with the synthetics (though Tech is lagging). As we post, the initial exuberance is fading across most risk assets.

 

 

For now Treasury weakness, USD weakness, and Commodity strength are trumping equity's move (though HYG is most supportive in ETF land)...

 

Gold leading with Oil but pulling back in line with stocks for now.

 

EURUSD ripped-dipped-then-ripped some more...

 

Energy is winning for now post-FOMC

 

Charts: Bloomberg and Capital Context